At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline. The benchmark index is currently down 0.75% to 7,263.2 points.
Here's what is happening on the ASX 200 today:
Life360 shares crash on quarterly update
The Life360 Inc (ASX: 360) share price has crashed lower after the tech selloff offset the release of the location technology company's quarterly update. Life360 reported a 129% increase in revenue to US$52.7 million and a 73% jump in annualised monthly revenue to US$166.1 million. This was driven by a 36% increase in monthly active users to 38.3 million. And while Life360 reported a large decrease in its cash balance, this was due to the Tile acquisition. On a pro forma basis, its cash balance actually increased slightly over the period.
Northern Star shares under pressure
The Northern Star Resources Ltd (ASX: NST) share price is tumbling after a poor quarterly update offset a rise in the gold price. According to the update, the gold miner has increased its costs guidance due to issues at the Pogo operation. Northern Star now expects all-in sustaining costs (AISC) of A$1,600 to A$1,640 per ounce in FY 2022. This is up from its previous guidance of A$1,475 to A$1,575 per ounce.
Coronado has record quarter
The Coronado Global Resources Inc (ASX: CRN) share price is pushing higher today after the release of a record quarterly update. Thanks to a sky high coal price, Coronado reported record quarterly revenue of $947 million. This was up 22.3% on the previous record of US$775 million recorded in the prior quarter.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Downer EDI Limited (ASX: DOW) share price with a 4.5% gain. This follows the release of the contract services company's investor day presentation. The worst performer by some distance has been the Life360 share price with a 20% decline. This follows weakness in the tech sector and the release of its quarterly update.
