The Life360 Inc (ASX: 360) share price is having a stunning start to the week.
In morning trade, the location technology company's shares are up a massive 22% to a record high of $14.84
This latest gain means that its shares are now up 96% since the start of the year.
To put this into context, a $20,000 investment at the end of last year would now be worth over $39,000.
Why is the Life360 share price rocketing today?
Investors have been scrambling to buy the company's shares this morning following the release of a market update.
According to the release, Life360 has started FY 2024 in a very positive fashion and revealed strong operating metrics today.
The company's global Monthly Active Users (MAU) were 66.4 million at the end of the first quarter. This is an increase of 4.9 million since the end of the fourth quarter, which represents a record for a first quarter. It is also more than double the net additions of 2.2 million the company recorded in the prior corresponding period.
That isn't the only record that has been broken, which explains why investors are getting very excited today.
The company also revealed that it achieved record first quarter net additions to global paying circles of approximately 96,000 during the quarter. This was split approximately 65%/35% between its U.S. and International operations.
In the prior corresponding period, Life360 added 73,000 net additions to its global paying circles.
These metrics are materially ahead of what the market was expecting from the company during the first quarter. This goes some way to explaining the impressive performance by the Life360 share price on Monday.
One thing that wasn't available with today's release is the company's revenue and earnings for the three months. As a result, management warned that it "cannot yet determine whether these quarterly operating metrics will have a material positive impact on revenue, net income (loss) or any other financial results for CY24 Q1."
But investors won't have to wait too long to find out. Life360 advised that it expects to release its first quarter results next month on 10 May 2024.
US listing
In other news, Life360 has revealed plans for a potential listing in the United States. This follows a proposal to amend its Certificate of Incorporation to bring the company in line with typical U.S. corporate practices.
In respect to the potential dual listing, the company said:
While there are many factors that would impact the company's decision to pursue a US IPO, including US market conditions, the board believes that the resolutions included in the preliminary proxy statement provide flexibility to pursue a dual listing should the company determine that conditions are favourable.
