Germany's TeamViewer trims revenue forecast on FX headwinds

German software developer TeamViewer lowered its full-year revenue outlook on Wednesday, citing that foreign exchange headwinds from 2023 billings could likely have a negative impact of up to 11 million euros ($11.84 million).

The company, which specialises in cloud-based technologies, now expects its revenue to hit 662 million euros-668 million euros, from a previous target of 660 million to 685 million euros.

The company, however, raised its outlook for adjusted core profit (EBITDA) margin to about 44 per cent, up from the target of at least 43 per cent, due to better-than-expected profitability in the third quarter. 

The company said its profitability in the reported period was boosted by its reduced partnership with Manchester United (MANU.N), a trend it expects to continue benefiting its fourth-quarter margins.

($1 = 0.9289 euros)

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