The All Ordinaries index has started 2024 positively and is up almost 2% year to date.
But as positive as that it is, it pales in comparison to some of the gains that have been made on the index.
For example, the three ASX All Ords shares listed below are up at least 60% since the start of the year. Here's why investors have been scrambling to buy them:
Life360 Inc (ASX: 360)
The Life360 share price is up 63% in 2024. The catalyst for this was a stronger than expected FY 2023 result and excitement over its outlook.
Life360's reported adjusted EBITDA of US$20.6 million for the year, which was well ahead of its guidance range of US$12 million to US$16 million. Looking ahead, in FY 2024, management expects adjusted EBITDA in the range of US$30 million to US$35 million. This represents 45% to 70% growth year on year. It also announced plans to expand into the advertising market.
Megaport Ltd (ASX: MP1)
The Megaport share price is up 64% since the start of the year. Investors were fighting to get hold of the elasticity connectivity and network services interconnection provider's shares following the release of its quarterly update.
For the three months, Megaport reported total revenue of $48.6 million. This was an increase of 5% quarter on quarter and 31% year on year. This underpinned a strong turnaround in profitability while still investing in growth, with Megaport reporting positive EBITDA of $15.1 million for the quarter.
Zip Co Ltd (ASX: ZIP)
The Zip share price is up an incredible 92% year to date. This was driven by a strong first-half performance and rumours that the buy now pay later provider could be a takeover target.
In respect to its performance, in January the company released its second quarter update and reported an 8.5% lift in transaction value over the prior corresponding period to $2.8 billion.
And thanks to an improvement in its revenue margin to 8.2%, Zip's revenue was up 26.1% to $225.6 million for the quarter. This ultimately led to the company achieving positive first-half cash EBTDA of $30.8 million, from negative $33.2 million a year earlier.
