The software company Teamviewer surprised the stock market positively on Wednesday.

After the announcement of the business figures for the period from July to September, the share listed in the M-Dax, which has lost around four fifths of its value since its high in July 2020, rose by almost 20 percent at times.

According to Teamviewer, consolidated sales (billings) rose by 15 percent year-on-year in the third quarter to EUR 144.6 million.

Gustave parts

Business correspondent in Stuttgart.

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On the one hand, the company from Göppingen in Baden-Württemberg benefited from exchange rate effects.

Currency-adjusted sales growth remained at 7 percent.

On the other hand, the key growth driver was business with major customers, which increased by more than a third after currency adjustments.

Teamviewer is trying to expand business with existing customers.

Small and medium-sized companies have so far accounted for more than four fifths of sales.

However, the proportion of major customers has now increased from 14 to more than 18 percent compared to the same quarter of the previous year.

Regionally, Teamviewer recorded growth, especially in Europe, in Asia there are signs of a trend reversal after several weaker years.

Expensive sports sponsorship

The margin increased by 8 percentage points to 42 percent, the adjusted operating profit increased by almost half from 42 to 60 million euros.

This may also have something to do with the downsizing.

Last year the company had more than 1500 employees at the end of September, this year there were only a good 1360.

Expensive sponsorship contracts had recently depressed profits.

Teamviewer is the main sponsor of Manchester United and on board the Mercedes Formula 1 team.

After loud criticism of the commitments, Teamviewer has already announced that the collaboration with Manchester United should end in 2026.

Teamviewer was one of the tech companies that grew rapidly during the pandemic, the stock price soared through the summer of 2020.

The software is used, for example, by IT departments, who can use it to remotely access their colleagues' computers and troubleshoot problems.

In recent months, the company has increasingly presented itself as a pioneer of the so-called industrial metaverse.

Teamviewer had scaled back the outlook for this year in August and expected consolidated sales to be at the lower end of the range of 630 to 650 million euros.

"After nine solid months, we are well on the way to achieving our annual forecast despite macroeconomic challenges," CEO Oliver Steil said in a statement.

Teamviewer is also resilient because it helps its customers work more efficiently.