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Life360 (ASX:360) share price soars on strong 2024 Q1 update

The Life360 Inc (ASX: 360) share price is up 17% after the ASX tech share provided a very promising quarterly update.

Life360 says it delivers peace of mind for families of all types. It claims to have the category leading mobile app and tile tracking devices help members protect the people, pets and things they care about most, with a range of services including location sharing, safe driver reports and crash detection with emergency dispatch.

Life360 2024 first quarter update

The company said it has started 2024 with “strong operating metrics”, with global monthly active users reaching 66.4 million at the end of the 2024 first quarter.

Net additions for the quarter amounted to 4.9 million, which Life360 said was a record for the first quarter, which compares to net additions of 2.2 million in the 2023 first quarter.

Life360 also said it had record first quarter additions of its global paying circles of approximately 96,000 in the 2024 first quarter, with 65% of that being in the US and 35% in international. The first quarter of 2023 saw 73,000 of global paying circle net additions.

The ASX tech share said these metrics are “materially ahead” of what the company understands to be market expectations for the 2024 first quarter.

Life360 said it can’t yet determine whether the operating metrics will have a material positive impact on revenue, net income (or loss) or any other financial result. The company expects to release its final quarterly result on 10 May 2024.

Upcoming annual general meeting (AGM)

The business is planning to hold its AGM on 30 May 2024. It said there are proposed amendments to the company’s certificate of incorporation intended to bring the company in line with typical US corporate practices, including a proposal to increase the number of shares that the company is authorised to issue.

The company believes this is appropriate to provide additional flexibility for “strategic, business and financial purposes in the future.”

Life360 continues to consider a possible initial public offering (IPO) in the US. If that does happen, the changes would help provide the flexibility to help pursue the dual listing if the company decides conditions are favourable.

It’ll be interesting to see what happens with the Life360 share price if the ASX tech share does decide to pursue a listing in the US.

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