Further Revenue Drop for Forrester Research

Tech consulting and research firm Forrester has reported first quarter revenues down around 12% to $100.1m, and adjusted net income of $2.8m, down from $5.1m a year earlier.

Like larger rival Gartner, which also announced results today, Forrester has divisions focused on Research, Consulting and Events, with the first of these much the largest. Research revenue fell just over 5% to $76.6m, while Consulting tumbled 27% to $23.1m and Events dropped almost two thirds to $1.01m.

CEO and Chairman George F. Colony (pictured) said the environment was 'challenging' due to 'consulting headwinds' but pointed to a solid base for future growth: 'We are in the final year of our migration journey, and we now have 70% of CV on the Forrester Decisions platform. We saw stabilization in our key CV retention metrics, an uptick in new business, and the rollout of Izola, our generative AI tool, to all Forrester Decisions clients'.

For the full year, the company is forecasting total revenues of $430 - 450m and operating margin of c.2.2% to 3.4%. or 9.5% to 10.5% once adjusted.

The firm is online at www.forrester.com .

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