LogMeIn Trading Down Nearly 30% on Lower Than Estimated Guidance and Revenue
LogMeIn, Inc. (Nasdaq: LOGM) trading lower intraday. The company reported Q2 EPS of $0.17 vs $0.16 Estimates. Revenues missed by -0.7% at $33.8M vs estimated $34.05M. LogMeIn also guided Q3 EPS and revenues lower than street estimates.
Michael Simon, CEO of LogMeIn commented, "In Q2, we delivered strong growth in subscription revenue while adding a significant number of premium subscribers. Moves in late 2011 and early 2012 designed to significantly expand our top of funnel continue to help fuel a large increase in new, first time users of our services Subscription revenue increased 24 percent year-over-year and we added approximately 24,000 new subscribers while attracting 2.4 million first time users."
LogMeIn is currently trading at $22.13 down $8.74 or 28.31%.
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