Life360 Inc. (ASX: 360) shares experienced a significant drop of 8.21% in Friday afternoon trading, as the tech sector faced a broad selloff on the Australian Securities Exchange (ASX). This decline comes in the wake of a brutal tech rout on Wall Street overnight, where the Nasdaq index lost 6% of its value.
The S&P/ASX All Technology Index mirrored the US market sentiment, falling over 4% on Friday. Life360, known for its family-oriented location sharing and safety services, was caught in this downdraft along with other tech stocks. The company's shares, which have been considered a strong performer in the tech space, couldn't escape the sector-wide pressure.
While there were no company-specific announcements driving the sell-off, the movement appears to be part of a larger trend affecting technology stocks globally. Investors may be reassessing valuations in the tech sector, leading to this widespread correction. As market conditions remain volatile, it remains to be seen how quickly Life360 and its peers in the tech industry can recover from this setback.
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