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March 26, 2020, 3:48 p.m. EDT

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

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By Emily Bary

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
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
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/zigman2/quotes/210599714/realtime
US : S&P US
3,351.28
+2.12 +0.06%
Volume: 2.28B
Aug. 7, 2020 5:10p
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