BERLIN, Nov. 11 (Xinhua) -- Following the recent initial public offering (IPO) of TeamViewer, the German remote connectivity solutions company announced on Monday that operational profits nearly doubled in the third quarter.
Operational profits adjusted for "specific non-recurring items" (Cash EBITDA) amounted to 46 million euros (50.7 million U.S. dollars) between July and September, an increase of 95 percent compared to the same period last year, TeamViewer stated.
Invoiced sales of TeamViewer increased by 63 percent to 83 million euros during the period. Main driver for the growth would have been an "increase in subscriptions," the company noted.
"Our first results as a listed company underscore TeamViewer's strong financial profile combining high growth with high profitability," said Oliver Steil, chief executive officer (CEO) of TeamViewer.
Back in September, TeamViewer had netted more than 2 billion euros in the scope of its IPO. With a market capitalization of around 5.25 billion euros, it was the largest IPO in Europe so far in 2019.
TeamViewer is developing remote connectivity solutions, such as software for remote maintenance, remote machine control and online conferences. TeamViewer's software has been activated on more than 2 billion devices worldwide, according to the company.
Investors reacted positively following the publication of TeamViewer's third quarter results. Shares of the company increased by more than 5 percent on Monday morning.
