TeamViewer Q1 Profit Surges; Backs FY22 Sales Outlook
TeamViewer AG (TMVWY.PK), a German technology firm, known for its remote access software, on Wednesday posted a significant surge in earnings for the first quarter, amidst a rise in billings, decline in expenses.
In addition, for the fiscal 2022, the company has reaffirmed its sales guidance.
For the first quarter of 2022, TeamViewer reported a profit of 14.69 million euros or 0.07 euros per share, compared with 3.24 million euros or 0.02 euros per share reported for the same period last year.
The company’s pre-tax profit for the period recorded at 22.41 million euros as against 9.93 million euros of last year. However, operating earnings of the firm moved down slightly to 28.08 million euros, from 28.76 million euros of previous fiscal.
The company’s general and administrative expenses fell to 12.73 million euros, from 13.67 million euros of the previous fiscal.
Other expenses, finance cost, and foreign exchange cost of the company were reported at 0.118 million euros, 4.80 million euros, and 7.68 million euros, respectively, compared with 3.07 million euros, 5.24 million euros, and 18.71 million euros, on year-on-year basis.
In the first quarter, billings were up by 12 percent at 163.5 million euros, compared with 146.6 million euros posted for the first quarter of 2021.
The company generated its revenue for the three-month period at 134.49 million euros, higher than 118.33 million euros, reported a year ago.
Looking ahead, for the fiscal 2022, TeamViewer continues to expect its revenue to increase in the mid-teens to 565 million euros-580 million euros.
For the full year, the adjusted EBITDA margin is still projected to lie between 45 percent and 47 percent.
Source: Read Full Article