The logo of software company TeamViewer AG is pictured during TeamViewer's initial public offering (IPO) at the Frankfurt Stock Exchange in Frankfurt, Germany, September 25, 2019. REUTERS/Ralph Orlowski/ File Photo
(Reuters) - 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%, up from the target of at least 43%, 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)
(Reporting by Bernadette Hogg and Amir Orusov; Editing by Sherry Jacob-Phillips)
