In key news on Australian stocks, Life360, Inc. (AU:360) shares rallied over 16% today after the company released a market update, with strong Q1 performance metrics marking a positive start to 2024. The company believes its record numbers surpassed market expectations, leading to excitement among investors. Year-to-date, 360 stock has surged an impressive 90%, mostly driven by its 2023 results and an upbeat outlook.
Life360 is a U.S. technology company, offering location-based services, including sharing and notifications, to global customers. The company’s primary offering is the Life360 family social networking app, which was launched in 2008.
Life360’s Record Q1 Metrics
According to the update, Life 360’s global monthly active users (MAU) reached a record 66.4 million at the end of the first quarter, marking an increase of 4.9 million from the previous quarter. Additionally, it significantly surpassed the net additions of 2.2 million recorded during the same period last year.
Additionally, during the quarter, the company experienced unprecedented additions of approximately 96,000 to global paying circles. This figure surpassed the 73,000 net additions in the corresponding quarter of the prior year. Further, 65% of the additions in Q1 were in the U.S., while the rest were in international markets.
Life360 is expected to announce its first-quarter results on May 10.
Along with the update, the company submitted its preliminary proxy statement for the annual general meeting to be held on May 30 to the SEC and the ASX for review. The statement includes proposed changes to Life360’s Certificate of Incorporation to align with standard U.S. corporate practices, as the company is evaluating the possibility of an IPO (initial public offering) in the U.S.
Is Life360 a Good Stock to Buy?
According to TipRanks, 360 stock has received a Strong Buy consensus rating based on all Buy recommendations from four analysts. The Life360 share price target is AU$13.72, which is 3% below the current price level.
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