By Andrea Figueras
TeamViewer, the German software company, announced on Tuesday that it is well on track to achieve its 2023 guidance following a significant increase in after-tax profit for the second quarter. The company attributed this success to higher revenue and reduced financial costs.
In the second quarter, TeamViewer reported an after-tax profit of 34 million euros ($37.4 million), a substantial jump from the previous year’s figure of EUR11.7 million. Revenue for the quarter also saw a positive increase, rising to EUR154.2 million from EUR137.5 million.
Furthermore, earnings before interest, taxes, depreciation, and amortization (EBITDA) grew to EUR53.4 million, compared to EUR47.1 million in the same period last year. Adjusted EBITDA, which rose by 7% to EUR63.8 million, boasted an impressive margin of 41%, according to TeamViewer.
Despite operating in a challenging macroeconomic environment, the company managed to achieve its revenue growth target as outlined in its guidance. Notably, all regions experienced an increase in revenue, with Asia-Pacific exhibiting the strongest growth at a constant currency exchange.
The company also confirmed its full-year guidance, anticipating revenue growth between 10% and 14%, alongside an adjusted EBITDA margin of roughly 40%.
Moreover, TeamViewer disclosed its plans to conclude a share buyback program by the end of the current year, with a total of EUR325 million earmarked for this initiative.