July 25, 2012 / 9:17 PM / 5 years ago

UPDATE 1-LogMeIn forecasts weak full year on slower European growth

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July 25 (Reuters) - Remote-access software maker LogMeIn Inc forecast third-quarter and full-year results below analysts’ estimates on slower European growth.

The company, which mainly targets small businesses and consumers, forecast third-quarter adjusted earnings of 16 cents to 17 cents per share on revenue of $35 million to $35.4 million.

Analysts on average were expecting earnings of 17 cents per share on revenue of $36.2 million, according to Thomson Reuters I/B/E/S.

The company’s second-quarter net income fell to $576,000, or 2 cents per share, from $2.7 million, or 11 cents per share, a year earlier.

Excluding items, LogMeIn, which competes with Cisco Systems Inc’s WebEx and products from companies such as Citrix Systems Inc, VMware Inc and Microsoft Corp earned 17 cents per share.

Revenue for the quarter rose 16 percent to $33.8 million.

Analysts on average had expected second-quarter earnings of 16 cents per share on revenue of $34.1 million.

Shares of the company fell as much as 16 percent to $25.70 in after-market trade. It closed at $30.87 on Wednesday on the Nasdaq. (Reporting by Sruthi Ramakrishnan & Aurindom Mukherjee in Bangalore; Editing by Sriraj Kalluvila)

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