Is there anything cuter than a newborn babe, a-cooing in its crib? Perhaps (I'm showing my pirate heart here) a newborn IPO ... bringing in the riches?
Barely 12 months since their initial public offering, shares of remote-access software maker LogMeIn
- revenues rise 31% year over year, to $23.5 million,
- per-share profits nearly quadruple to an astounding $0.37 (helped in no small part by a massive tax-loss claim that contributed $0.23),
- while free cash flow -- a more reliable gauge of profit, if you ask me -- was no slouch either, more than doubling to $6.8 million and bringing trailing free cash flow to $27.5 million.
All of which pales in comparison to what's happening at the underlying business, where LogMeIn logged an astounding 17% sequential increase in premium customers. Some 405,000 individuals now pay LogMeIn for the privilege of accessing their (and their customers') computers remotely. And the IPO's just 1 year old.
Howd'ja like them Apples?
Fueling LogMeIn's success last quarter was the happy arrival of Apple's
Win some, lose ... one
It wasn't all good news, of course. In fact, I think we can pin yesterday's post-earnings sell-off on a single disappointment: Intel
And yes, it's disappointing to see Intel (and especially its license fees) go away. But according to LogMeIn, neither company was seeing the "market demand" needed to keep the project alive. And it really seems to me like LogMeIn's product is better suited to hawking by its strong partners like Best Buy
And really, with friends like these, who needs Intel?
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