By midday, the microcap had spiked 23.5% to $41.08. Trading volume of 2.6 million was more than 12 times its three-month daily average.
The cloud computing specialist posted net income of 16 cents a share, a penny above consensus, according to analysts surveyed by Thomson Reuters. Revenue of $45.2 million was 22% higher than a year earlier and $1.2 million higher than forecast.
"Growth in our collaboration business was especially strong, as join.me, in particular, delivered another quarter of triple digit year-over-year revenue growth," said CEO Michael Simon in a statement.
Join.me is a LogMeIn-owned platform which facilitates e-conferencing.
For the first quarter ending March, the Boston-based firm forecasts revenue between $46.8 million and $47.3 million with net income of 20 cents to 21 cents a share. Analysts expected sales of $46.78 million and net income of 21 cents a share.
Over fiscal 2014, revenue is forecast between $198 million and $202 million and net income of 86 cents to 96 cents a share. Analysts predict sales of $198.65 million and earnings of 89 cent s a share.
TheStreet Ratings team rates LOGMEIN INC as a Hold with a ratings score of C. The team has this to say about their recommendation:
"We rate LOGMEIN INC (LOGM) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."