TeamViewer posts Q4 beat in revenue (updated)

TeamViewer SE

07/02/2024 08:42

(Adds analyst comment, share move in paragraphs 2 and 3, CEO
comment in paragraphs 7 and 8)
    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 . 
    Analysts at JP Morgan note that overall results look solid
"in the context of concerns around the Q4 delivery and the 2024
guidance."
        Shares were up 9% by 0810 GMT, on track for their best
day since February 2023.
  
    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.
    The region driving the revenue earnings in the full year was
EMEA, while APAC saw the smallest percentage increase.
        During a media call, CEO Oliver Steil pointed to Asian
currencies as a challenge in this market for companies in the
euro and dollar area.
  
        "China is no longer such a strong growth driver in the
region. This does not directly affect our business in China, but
rather the demand trends in the entire region," he added.
  
    "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 and Louise Heavens)
 ((Paolo.Laudani@thomsonreuters.com;
tristan.chabba@thomsonreuters.com))