Shares of LogMeIn (NASDAQ:LOGM) jumped on Friday after the cloud-based connectivity provider reported second-quarter results. LogMeIn beat analyst estimates for both revenue and earnings, sending the stock up 8.7% by 3 p.m. EDT. Shares were up as much as 17.1% earlier in the day.
LogMeIn reported second-quarter revenue of $313.1 million on a generally accepted accounting principles (GAAP) basis, up 2.4% year over year. Non-GAAP revenue was $313.4 million, ahead of the average analyst estimate by about $2.4 million.
Non-GAAP earnings per share (EPS) came in at $1.17, down from $1.32 in the prior-year period but $0.04 higher than analysts were expecting. The company posted a net loss of $0.13 per share on a GAAP basis, down from a profit of $0.12 per share in the prior-year period.
"We improved our competitive position in our core meeting market while successfully launching new product offerings aimed at accelerating our momentum in our growth markets. Most significantly, the contribution of our growth products continued to accelerate and is now 24 percent of total company revenue," said LogMeIn CEO Bill Wagner in prepared remarks included with the earnings release.
For the third quarter, LogMeIn expects to report revenue of between $314 million and $316 million, along with non-GAAP earnings per share between $1.35 and $1.37. For the full year, the company sees revenue between $1.258 billion and $1.263 billion and non-GAAP EPS between $5.05 and $5.11.
While LogMeIn's revenue barely grew during the second quarter, it was enough to propel the stock higher.