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Earnings: TeamViewer in post-IPO surge

Video Credit: Reuters Studio - Duration: 00:59s - Published
Earnings: TeamViewer in post-IPO surge

Earnings: TeamViewer in post-IPO surge

TeamViewer, Europe's biggest initial public offering of 2019, has reported a near-doubling in core profits.

David Pollard reports.

TeamViewer was Europe's biggest IPO this year when it launched in September.

But biggest doesn't necessarily mean best.

Despite a slew of buy recommendations, the Geman software company's shares traded well below their offer price.

That is, until now - when after its first results since the debut - the stock gained nearly 5 per cent.

Core profits nearly doubled in Q3 to 46 million euros - just over 50 million dollars.

Billings are up by 63 per cent ... On a base of 430,000 paying customers.

TeamViewer's services range from remote IT support to video conferencing and managing connected devices.

But it came to market at a time when investors were questioning valuations of peers like U.S. collaboration tool Slack.

Now, it's confirmed its key guidance for the rest of the year.

"We feel," chief executive Oliver Steil told Reuters, "very good."

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