TeamViewer posts Q4 beat in revenue


FILE PHOTO The logo of software company TeamViewer AG is pictured during TeamViewers initial public offering IPO at the Frankfurt Stock Exchange in Frankfurt Germany September 25 2019. REUTERSRalph Orlowski

FILE PHOTO: The logo of software company TeamViewer AG is pictured during TeamViewer's initial public offering (IPO) at the Frankfurt Stock Exchange in Frankfurt, Germany, September 25, 2019. REUTERS/Ralph Orlowski

(Reuters) - German software developer TeamViewer reported higher-than-expected fourth-quarter revenue on Wednesday, helped by partnerships with tech companies such as Siemens.

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 shirt sponsorship to positively affect margins in the second half of the year.

($1 = 0.9306 euros)

A NEW ERA OF TRAVEL AND RETAIL AT KLIA��

(Reporting by Paolo Laudani and Tristan Veyet in Gdansk; Editing by Chizu Nomiyama)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Others Also Read


Want to listen to full audio?

Unlock unlimited access to enjoy personalise features on the TheStar.com.my

Already a member? Log In