The Göppingen software house was considered a shooting star. After all, video conferencing and remote maintenance for computers were in high demand in times of the corona pandemic. But the prospects are still bleak.
The software provider Teamviewer is struggling with unexpectedly weak growth in its business.
After the third quarter, the management around CEO Oliver Steil now had to cut the prospects for billing and sales, and profitability is also estimated to be lower than before.
In the first half of the year, the management board of the specialist for remote maintenance and video conferencing software had stuck to the outlook, albeit with a more cautious view of the growth plans – but even the past quarter did not meet expectations according to the initial key data. The Göppinger share fell to a record low on Wednesday after the news.
In the corona pandemic last year, Teamviewer was considered a shooting star on the stock exchange because the demand for remote computer maintenance and video conferencing systems gave the MDax company a boom.
The company is now aiming for billings for the full year only between 535 and 555 million euros. Most recently, the management had promised the lower end of the range of 585 to 605 million euros. The turnover booked for this year should amount to 495 to 505 million euros instead of around 525 million euros.
The difference between billings and sales is that invoices include the contract volume invoiced for the next twelve months, while sales only include the amounts for the reporting period itself.
The management was contrite in a conference call with analysts and investors on Wednesday, Steil spoke of “very poor results” in the third quarter, CFO Stefan Gaiser of a major “disappointment”. Analysts’ doubts about growth ambitions for the second half of the year have been confirmed, he has to admit, said Steil. The company will now also check whether it has invested too much too quickly, but that cannot be done overnight. CFO Gaiser admitted that the goals had been set too high overall.
Teamviewer did not provide any information on the bottom line. The company plans to present the full interim report for the third quarter on November 3rd.
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
