Robust demand from business customers keeps Teamviewer on course for growth.

However, the increase fell short of the expectations of investors, who subsequently threw the software company's shares out of their portfolios. Teamviewer CEO Oliver Steil nevertheless expressed optimism on Tuesday about the prospects for the rest of the year. The second half of the year is usually the strongest for sales of business customer software.

In the first quarter, consolidated turnover rose by nine percent to 161.7 million euros, adjusted for currency effects. The business customer segment grew by 19 percent. The increase was due to both new customers and additional business with existing customers. However, the decline in multi-year contracts was disappointing, criticized one stockbroker. Their volume almost halved in the first quarter to 9.4 million euros.

As a result, Teamviewer shares fell by a good ten percent at times and, at 11.20 euros, were as cheap as they had last been a year and a half ago. This means that they have lost almost a quarter of their value within two months.

Investor sentiment was also depressed by the below-average increase in adjusted operating profit. It only grew by two percent to 65.2 million euros, while the margin shrank by two percentage points to 40 percent. For the year as a whole, Teamviewer is still aiming for sales of 660 to 685 million euros and an operating margin of at least 43 percent. "We are more than confident that we will meet our forecast for the full year 2024," said CFO Michael Wilkens.

(Report by Hakan Ersen, edited by Sabine Wollrab. If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)