Life360 stock blasted off Tuesday after the family connection and safety company delivered better-than-expected sales and adjusted earnings for the first quarter.
The San Mateo, Calif.-based company earned an adjusted 15 cents a share on sales of $103.6 million in the March quarter. Analysts polled by FactSet had expected Life360 to break even on sales of $101.4 million.
Life360 provides technology for tracking family, pets and valuables. The company sells Tile-brand tracking devices.
Life360 stock initially fell late Monday after the company posted Q1 results. It ended the March quarter with 83.7 million global monthly active users, missing Wall Street's target for 84.5 million.
On the stock market today, Life360 stock soared 20.4% to close at 59.62. Earlier in the session, it hit a record high of 62.62.
With the move higher, Life360 broke out of a 24-week consolidation pattern with a buy point of 52.77, according to IBD MarketSurge charts.
UBS analyst Chris Kuntarich reiterated his buy rating on Life360 stock and raised his price target to 57 from 55 after the report.
Life360 is showing improved operating leverage as it shifts to subscription services from low-margin hardware, Kuntarich said in a client note.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
