LogMeIn forecasts weak first quarter, shares tank
Feb 14 (Reuters) - Remote-access software maker LogMeIn Inc forecast first-quarter earnings much below analysts' expectations, sending its shares down as much as 24 percent in extended trading.
The company expects first-quarter adjusted earnings of 9 cents to 10 cents per share on revenue of $36 million to $36.5 million.
Analysts were expecting earnings of 18 cents per share on revenue of $38.2 million, according to Thomson Reuters I/B/E/S.
Shares of the Woburn, Massachusetts-based company closed at $23.66 on the Nasdaq on Thursday.
- Malaysia Airlines plane missing, presumed crashed in South China Sea |
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Malaysian plane crashed off Vietnam coast: state media
- No signal picked up from missing Malaysia Airlines plane-Vietnam official