Why Shares of LogMeIn Popped Today

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.

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