Nov 6 (Reuters) - German software developer TeamViewer

raised its outlook for adjusted core profit margin for

the full year after better-than-expected profitability in the

third quarter following a reduced sponsorship deal with British

football team Manchester United ( MANU ).

TeamViewer posted on Wednesday an adjusted core profit

(EBITDA) margin of 48% in the quarter, representing a 2% beat

compared to an LSEG analyst forecast.

The beat was partly due to the replacement of Teamviewer as

Manchester United's ( MANU ) main shirt sponsor, which the

German company expects will also boost its margin in the fourth

quarter.

It now expects its adjusted core profit (EBITDA) margin for

the full year to be about 44%, up from a target of at least 43%.

However, it trimmed the upper end of its predicted revenue

target range for 2024 to 662 million euros to 668 million euros

from a previous target of 660 million to 685 million euros,

citing foreign exchange effects.

TeamViewer's billings in its SMB segment - which offers IT

solutions to small and medium-sized businesses - fell 3%

year-on-year to 118.8 million euros ($128 million), while

billings in its enterprise segment grew 30% year-on-year to 35.3

million euros.

CEO Oliver Steil told Reuters that growth in the enterprise

segment had taken time, but that the company had "put the

investment in place over the last years and I would almost say

what we see now coming through is more normal, is what you would

expect".

Steil said that in the run-up to the U.S. presidential

election, the company had seen uncertainty and slower purchasing

from its customers.

He said the results of the election looked quite clear and

that he "wouldn't be surprised if we actually see some tailwind

coming through more", as Republicans were considered more

business-friendly.

On the company's presence in the Asia-Pacific region, Steil

said it had been a difficult marketplace over the last quarters,

pointing to slower economic growth in China.

($1 = 0.9289 euros)

($1 = 0.9290 euros)