FRANKFURT (dpa-AFX) - Teamviewer was punished on the market on Tuesday following its quarterly figures. The disappointing development in billings and margins was particularly criticized. However, the shares of the specialist for remote maintenance software were able to significantly stem their harsh initial losses. One trader pointed to the recent weak development, which limited the risk of further price losses. Analysts' comments were also less harsh than the market reaction.

Right at the start of trading, the shares slipped by 10 percent to 11.20 euros, their lowest level since November 2022. After temporarily halving this loss, the share price had fallen by 6 percent to 11.72 euros by midday. However, Teamviewer remained one of the biggest losers in the MDax. In the year to date, the shares have lost around 17 percent of their value, putting them at the bottom of the index of medium-sized German stock market companies.

Due to higher sales and marketing costs, the company's adjusted operating result fell short of expectations at the start of the year. While sales increased, particularly in the important key account business, billings fell slightly. Teamviewer usually receives an advance payment from customers at the beginning of a contract period. Revenue, on the other hand, is booked gradually over the respective periods.

JPMorgan expert Toby Ogg sees the operating result just below market expectations. However, investors are likely to focus on the weaker than expected development of billings, according to his assessment. He maintained his "Underweight" rating for the share.

Analyst James Goodman from the British investment bank Barclays added that the market is likely to be particularly annoyed by the decline in billings. The reason for this, however, is the decline in multi-year deals in business with large contract customers from the corporate segment. The adjusted growth in billings, on the other hand, is positive. The share is also undervalued. Teamviewer is forecasting an improvement in billings for the second half of the year.

Andreas Wolf from the analyst firm Warburg Research confirmed that the company had largely met expectations with its figures - an assessment shared by Goldman expert Mohammed Moawalla. Like his colleagues at Barclays and Goldman, Wolf maintained his positive investment recommendation for the share, which he justified with the attractive return on the free cash inflow./gl/men/mis