LogMeIn shares rise roughly 12% after earnings beat
LogMeIn Inc. shares shot up about 12% in the extended session Thursday after the software company beat earnings and revenue estimates. The company reported second-quarter net losses of $6.5 million, or 13 cents a share, compared with net income of $6.6 million, or 12 cents a share, in the year-ago period. Adjusted for items such as stock-based compensation, amortization of acquired intangibles and other items, earnings were $1.17 a share, versus $1.32 a share in the year-ago quarter. Revenue rose to $313.1 million from $305.7 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $1.13 a share on revenue of $311 million. For the third quarter, analysts model adjusted earnings of $1.32 a share on sales of $317 million. LogMeIn said it expects adjusted earnings of $1.35 to $1.37 a share on sales of $314 million to $316 million. LogMeIn stock has fallen 11.3% this year, with the S&P 500 index rising 20.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.