"The San Mateo, Calif.-based company late Monday said it earned 11 cents a share under generally accepted accounting principles, or GAAP, in the third quarter. In the year-earlier period, it earned 9 cents a share. On an adjusted basis, Life360 earned 28 cents a share on sales of $124.5 million in the September quarter. Analysts polled by FactSet had expected adjusted earnings of 17 cents a share on sales of $119.8 million."
"Life360 provides technology for tracking family members, pets and valuables. It sells small tracking devices than can be attached to key chains, backpacks and other items or slid into school IDs, passports, wallets and other thin spaces. Life360 said it is acquiring Nativo, an advertising technology company, for $120 million in cash and stock. The transaction is expected to close in January. Investment bank UBS lowered its price target on Life360 stock to 110 from 120 but kept its buy rating."
Life360 reported GAAP earnings of $0.11 per share and adjusted earnings of $0.28 per share for the third quarter on revenues of $124.5 million. Revenue increased 34% year-over-year and adjusted earnings topped analyst expectations of $0.17 per share. Monthly active users reached 91.6 million, up 3.6 million sequentially, while Paying Circle members rose to 2.7 million. Management announced a $120 million cash-and-stock acquisition of ad-tech firm Nativo, expected to close in January. UBS cut its price target but kept a buy rating, citing concerns about potential low-margin ad-tech deals and slowing core subscription growth. Shares fell over 18% in morning trading.
Read at Investor's Business Daily
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