TeamViewer posts Q4 beat in revenue

TeamViewer SE

07/02/2024 06:00

By Paolo Laudani and Tristan Veyet
       Feb 7 (Reuters) - German software developer TeamViewer
 TMV.DE  reported higher-than-expected fourth-quarter revenue on
Wednesday, helped by partnerships with tech companies such as
Siemens  SIEGn.DE . 
    Quarterly revenue rose 8% from a year earlier to 163 million
euros ($175.16 million), slightly above analysts' forecast of
160 million euros, according to LSEG data.    
    On a yearly basis, the German software developer reported
slightly higher than expected preliminary revenue which rose 11%
to 626.7 million euros, above a company-provided consensus of
623.1 million euros, thanks to favourable currency effects.
    "Despite a challenging macro environment and currency
headwinds, we delivered strong 2023 results," said CFO Michael
Wilkens in a statement.
    TeamViewer's shares have declined since the end of the
COVID-related restrictions, during which companies had used its
remote maintenance software to connect the computers of
employees and customers working from home.
    The developer of the homonymous software expects 2024
revenue within a range of 660 to 685 million euros, seeing
savings from the interruption of Manchester United  MANU.N 
shirt sponsorship to positively affect margins in the second
half of the year.

($1 = 0.9306 euros)

 (Reporting by Paolo Laudani and Tristan Veyet in Gdansk;
Editing by Chizu Nomiyama)
 ((Paolo.Laudani@thomsonreuters.com;
tristan.chabba@thomsonreuters.com))