13 days ago • Posted by William Ramstein
TeamViewer AG, the German remote connectivity software company reported Q1 profits.
Teamviewer's shares slumped in March after it announced it would become English soccer club Manchester United's shirt sponsor, in a deal that seeks to raise its global profile but would cut into profit margins this year. It followed up by signing a five-year sponsorship deal with world champion Lewis Hamilton's Mercedes Formula One team and the German carmaker's Formula E racing team. Teamviewer said at the time that the sponsorship deals would squeeze its adjusted EBITDA margin to 49%-51% this year from a previous forecast of 55%-57%. It confirmed that guidance on Tuesday.