Man United Sponsorship Triggers a Plunge for Remote-Work Winner
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TeamViewer AG, a remote working software business whose valuation has soared during the pandemic, slumped the most on record Friday amid concerns around the cost of a new shirt sponsorship deal with soccer club Manchester United Plc.
The stock dropped as much as 16% after TeamViewer announced the deal and revised its 2021 adjusted Ebitda margin guidance range to 49% to 51% of billings. Last month, the firm had predicted 55% to 57%.