ASX 200 midday update: Coronado has record quarter, Life360 and Northern Star sink

The ASX 200 is in the red again on Wednesday…

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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.

Motley Fool contributor James Mickleboro owns Life360, Inc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Life360, Inc. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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