UPDATE 1-LogMeIn Q3 profit beats, raises 2010 view

* Q3 adj EPS $0.22 vs est $0.19

* Q3 rev up 34 pct to $25.3 mln

* Raises 2010 view

* Shares fall 3 pct after mkt

Oct 27 (BestGrowthStock) – Software maker LogMeIn Inc (LOGM.O: )
raised its 2010 forecast for the third time as it factored in
about $3.5 million fees from the early termination of its
services and marketing agreement with chip giant Intel Corp
(INTC.O: ).

For 2010, the company, which helps users access their
desktops from other devices, expects earnings of 81-82 cents a
share and revenue of $99.5-$99.8 million, compared with its
previous forecast of 70-75 cents a share and revenue of
$93.5-$94.5 million. [ID:nASA00WPQ]

“Our LogMeIn Ignition business continues to benefit from
the proliferation and popularity of new tablets and smartphones
hitting the market,” CEO Michael Simon said in a statement.

LogMeIn, which went public in one of the most successful
IPOs last year, makes Ignition for Apple’s (AAPL.O: ) iPhone and
iPad users to access remote desktops. It recently launched a
version of the application for Google’s (GOOG.O: ) Android.

Third-quarter net income at the company more than doubled
to about $4 million, or 16 cent a share.

Revenue at the company, which mainly targets small
businesses and consumers and competes with products from
companies like Citrix Systems Inc (CTXS.O: ), VMware Inc (VMW.N: ),
WebEx and Microsoft Corp (MSFT.O: ), rose 34 percent to $25.3
million.

Analysts were expecting revenue of $24.4 million.

Shares of the Woburn, Massachusetts-based company were
trading down 3 percent at $36 in extended trade. They closed at
$37.02 on Nasdaq.

The stock has risen 35 percent since the company posted
second-quarter results late July and have surged 84 percent
over the last year as the company posted progressively strong
earnings.
(Reporting by Sayantani Ghosh in Bangalore; Editing by Don
Sebastian)

UPDATE 1-LogMeIn Q3 profit beats, raises 2010 view