Family tracking app Life360 has let go 14 per cent of its staff in a bid to hasten its cash flow positive plans.
Family tracking app Life360 has laid off 14 per cent of its staff in a bid to hasten its cash flow-positive plans, following a membership price rise and a fresh $50 million capital raise in the final quarter of last year.
The bulk of the 80 roles that were made redundant were duplicates from the merger processes, the company said. Life360 said the redundancies would save the company $15 million, though it expected the payouts and transition costs to come in around $4 million.
Core subscription revenue grew 54 per cent for the fourth quarter, though retail headwinds and the impact on Life360 hardware sales mean the company expects 2023 total revenue growth to come in about 35 per cent higher.
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