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LogMeIn shares drop after Amazon announces Chime video calling service

Video conferencing
Thomas Barwick | Getty Images

Shares of LogMeIn fell more than 8.66 percent on Tuesday after Amazon announced a new video conference and communications service.

On Tuesday, Amazon Web Services unveiled Amazon Chime, a unified video and voice collaboration tool that promises "frustration-free meetings." The company said the application works on Android, iOS, Mac and Windows platforms.

Amazon Chime could pose a threat to other services like Skype, Google Hangouts as well as LogMeIn's GoToMeeting.

With Tuesday's losses, the stock is down more than 1 percent year to date.

LogMeIn 5-day chart