The software company TeamViewer, based in Göppingen, recorded solid growth in the first quarter and slightly exceeded analysts' expectations with its recent business figures. The company reported a 7 percent increase in sales compared to the same period last year, to 161.7 million euros. After adjusting for currency effects, the growth was even at 9 percent. This slightly surpassed the market expectations of 161 million euros.

The adjusted EBITDA increased by 2 percent to 65.2 million euros in the same period, which was slightly below the analyst consensus of 66 million euros. The adjusted EBITDA margin reached 40 percent, compared to an expected margin of 41.1 percent. Without the effects of currency fluctuations, the margin would have been 42 percent, according to TeamViewer.

Despite a slight decline of 3 percent, TeamViewer achieved a net profit of 22.3 million euros. Earnings per share improved slightly by 1 cent compared to the previous year to 14 cents, but were 1 cent below analysts' forecasts.

TeamViewer also confirmed its forecast for the fiscal year 2024, expecting revenue of 660 to 685 million euros. This forecast includes currency effects of approximately 10 to 12 million euros resulting from the billings of the fiscal year 2023. Adjusted for these effects, this corresponds to a growth of 7 to 11 percent at constant exchange rates.

For 2024, the company also expects an improvement in the adjusted EBITDA margin to at least 43 percent. The effects from the reduction of the partnership with Manchester United are expected to have a positive impact on margin development in the second half of 2024, which underscores the effectiveness of cost savings.