LogMeIn says usage of its remote-access tools jumped as much as 300% in past week

LogMeIn Inc. /zigman2/quotes/209469357/composite LOGM +0.01% provided new usage statistics Thursday as the COVID-19 outbreak prompts more people to work from home and access remote tools. The company disclosed that use of remote-access tools including LogMeIn Pro and GoToMyPC rose as much as 300% in the past week while the company's unified-communications platform GoToConnect witnessed a 93% boost in voice calls with growth up nearly 20% day over day. Usage of LogMeIn's video-conference and meetings tools is up as much as 10 times from earlier 2020 levels, before the big spike in remote work that was brought on by COVID-19, a spokesperson said. LogMeIn shares have held up better than the overall market in the past month, falling about 4% compared with a 17% drop for the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.06% .

/zigman2/quotes/209469357/composite

Add to watchlist LOGM

LogMeIn Inc.

US : U.S.: Nasdaq

$ 85.89

+0.01 +0.01%

Volume: 178,282

Aug. 7, 2020 4:00p

P/E Ratio

493.05

Dividend Yield

1.51%

Market Cap

$4.21 billion

Rev. per Employee

$342,530

/zigman2/quotes/210599714/realtime

Add to watchlist SPX

S&P 500 Index

US : S&P US

3,351.28

+2.12 +0.06%

Volume: 2.28B

Aug. 7, 2020 5:10p