Gartner Grows Q3 Revenue Despite 'Headwinds'

Tech research and consulting group Gartner has announced third quarter revenue of $1.4bn, up 5.8% or 4.9% at constant currency. Profits were flat with adjusted EBITDA of $333m.

The group's predominant Research division grew revenue by 5.3% (FX neutral) to $1219m while a strong rise in the Consulting division (up 23.2% to $133m) more than compensated for a significant dip in Conferences (down 26% to $57m).

The results come as other tech consulting firms blame current economic challenges and uncertainty for unaccustomed declines - notably, last week Forrester Research announced third quarter revenue of $113.4m, down 11.2% year-on-year. Nevertheless, Gartner's Q3 performance is less impressive than its growth in Q1 (up 11.6%) or Q2 (up 10.0%).

Gartner CEO Gene Hall (pictured) said the firm had 'delivered another strong quarter with high single-digit growth in contract value and better than expected performance in revenue, profitability, and free cash flow'. He concludes: 'We are increasing our 2023 guidance and positioning ourselves well for 2024 and beyond'.

The company is now forecasting total revenue for the year of $5.89bn, up by $40m since August guidance, with adjusted EBITDA of $1.44bn, up by $80m.

Web site: www.gartner.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.