July 25, 2012 / 9:19 PM / 5 years ago

LogMeIn beats profit estimates, gives weak forecast

July 25 (Reuters) - Remote-access software maker LogMeIn Inc posted a higher-than-expected profit helped by higher subscription growth.

However, it forecast third-quarter and full-year results below analysts estimates and said slower European growth will have hit annual revenue.

The company, which mainly targets small businesses and consumers, forecast third-quarter adjusted earnings of 16 cents to 17 cents a share on revenue of $35 million to $35.4 million.

Analysts on average were expecting earnings of 17 cents per share on revenue of $36.2 million, according to Thomson Reuters I/B/E/S.

Net income fell to $576,000, or 2 cents per share, for the second quarter, from $2.7 million, or 11 cents per share, a year earlier.

Excluding items, LogMeIn, which competes with Cisco Systems Inc’s WebEx and products from companies such as Citrix Systems Inc, VMware Inc and Microsoft Corp earned 17 cents per share.

Revenue for the quarter rose 16 percent to $33.8 million.

Analysts, on average, were looking for second-quarter earnings of 16 cents per share on revenue of $34.1 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $30.87 on Wednesday on the Nasdaq. (Reporting by Sruthi Ramakrishnan in Bangalore)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below