TeamViewer posts Q4 beat in revenue

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 per cent 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 per cent 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.