Australia's Life360 rises to 2-1/2-month high on positive annual results

Life360

01/03/2024 01:22

(Adds analyst comments)
    ** ASX-listed shares of Life360  360.AX  rise as much as
31.6% to A$10.740 to their record intraday pct gain 
    ** Stock at its highest since Dec 16, 2021
    ** The San Francisco-based location sharing co  LIFX.PK 
posted FY revenue from ordinary activities of $304.5 mln, up 33
% from corresponding period
    ** Adds FY loss attributable of $28.2 mln, compared with net
loss of $91.6 mln last year
    ** Co expects to continue to be adjusted EBITDA positive on
a quarterly basis going forward
    ** RBC Capital Markets retains "outperform" rating on stock
with a price target at A$10.00
    ** Life360 delivered strong CY23 results and the outlook was
upbeat with the bottom-end of revenue and EBITDA guidance ranges
both higher than consensus - RBC
    ** Stock set to end the week about 31% higher
    ** Life360 stock up ~8% YTD
    



 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))