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LogMeIn Inc. (LOGM) Plummeted To A New Low Due To Disappointing Forecast

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LogMeIn Inc. (LOGM: Quote) reported fourth quarter non-GAAP net income of $0.24 per share after the close Thursday, up from $0.19 per share a year ago. The consensus estimate was for EPS of $0.18. The Company also announced that its Board of Directors approved a $25 million share repurchase program.

The Company expects to report first quarter non-GAAP EPS of $0.09 to $0.10 and between $0.43 and $0.49 for the full year 2013. The consensus estimates are for EPS of $0.18 and $0.81.

LogMeIn gapped open sharply lower Friday and drifted lower during the first hour of trade. The stock finished with a loss of 7.01 at $16.65 on the highest volume of the year. LogMeIn plunged to a new low for the year.

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by RTT Staff Writer

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