Subscribe

  • Subscribe

Logmein profit beats on record number of new customers

Posted by | April 26, 2013 .

Logmein Inc, a maker of remote-access software, posted better-than-expected quarterly results as it won a record 37,000 paying subscribers, and the company forecast second-quarter revenue above analysts’ estimates.

The company’s shares surged about 15 pct to $20.62 in extended trading.

Logmein forecast second-quarter earnings of 11 cents to 12 cents per share on revenue of $39 million to $39.5 million.

Analysts on average were expecting earnings of 11 cents per share on revenue of $37.8 million, according to Thomson Reuters I/B/E/S.

Logmein swung to a net loss of $5.8 million, or 24 cents per share, in the first quarter, from a profit of $76,000, or breakeven per share, a year earlier.

Excluding items, the company earned 12 cents per share, beating estimates by 2 cents.

Revenue rose 15 percent to $37.4 million, above estimates of $36.3 million.

”We successfully attracted 2.7 million first-time users and 37,000 new premium subscribers – both record highs,” Chief Executive Michael Simon said in a statement.

The company added 27,000 paying subscribers in the fourth quarter. (Reuters)

Share and Enjoy

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS
Tags: , , , , , , , , , , , , , , ,