Life360 Resumes Guidance After Halting U.S. Listing Plans

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By Stuart Condie
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SYDNEY–Tech firm Life360 Ltd. has halted plans for a US listing, citing changed market conditions over the past three months.

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The San Francisco-based family safety tech developer, which is already listed on the Australian Securities Exchange, said on Wednesday it maintained a very strong capital position, with $98 million in cash and cash equivalents on its balance sheet.

US equity markets have cooled recently as rising interest rates lift bond yields. The tech-heavy Nasdaq Composite Index is down 20% so far in 2022 and is at its lowest level since December 2020 after dropping 4.0% on Tuesday.

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The move freed Life360 to resume annual earnings guidance. It said it expects core subscription revenue to grow by more than 50% over the 12 months through December, and for consolidated revenue including hardware sales of between $245 million and $275 million.

It anticipates an underlying earnings loss of between $32 million and $38 million before interest, tax, depreciation and amortization. That excludes about $13 million of incremental investment to integrate its Tile and Jiobit device units.

Write to Stuart Condie at [email protected]

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Credit: www.marketwatch.com /

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