LogMeIn forecasts weak first quarter, shares tank

Thu Feb 14, 2013 4:32pm EST

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.

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