Investing.com – Shares in Germany’s TeamViewer AG (ETR:TMV) jumped in early trading on Wednesday after the remote control computer software group said its annual revenue exceeded its guidance range.
In a statement citing preliminary analyses, the Goeppingen-based company said it generated sales of roughly 671 million euros in its 2024 fiscal year, representing a year-over-year increase of 9% at constant currencies.
The figure would exceed TeamViewer’s stated outlook for revenue of 662 million euros to 668 million euros, the group said. In November, the revenue guidance was lowered from a prior target of 660 million euros to 685 million euros due to foreign exchange headwinds.
TeamViewer noted that the rise in 2024 revenue was fueled by stronger-than-anticipated annual billings of approximately 700 million euros. Deals with “large enterprise” and “frontline” clients in the final weeks of the fourth quarter bolstered returns, it said.
Meanwhile, TeamViewer left its projection for adjusted core earnings margin of at least 44% unchanged. It had previously raised its outlook from at least 43% in November thanks to a reduced sponsorship deal with English football team Manchester United (NYSE:MANU). Third-quarter billings at TeamViewer’s eneterprise division also grew by 30% year-over-year to 35.3 million euros, helping offset a 3% drop at its segment providing IT solutions to small- and medium-sized businesses.
Speaking with Reuters at the time, CEO Oliver Steil predicted that Republican victories in the recent US presidential election could lead to “some tailwind” for TeamViewer, as the party is seen as having more pro-business policies. However, he flagged that sluggish growth in China had weighed on the company’s performance in the Asia-Pacific region in the last quarters.
The full set of preliminary and unaudited fourth-quarter and annual results will be published on February 12.
Despite Wednesday climb, shares in TeamViewer have shed more than 20% of their value over the past one year period.
(Reuters contributed reporting.)
