Forrester Revenue Drops 10% in 'Challenging Quarter'

US-based technology research firm Forrester has announced second quarter results, with revenue down 10% to $121.8m, and adjusted net income of $12.9m, down from $18.1m in the same period a year ago.

Forrester has three divisions focused on Research, Consulting and Events, with the first of these accounting for around two thirds of its business. Research revenue fell only around 4.6%, to $83.7m, while Consulting fell about 17% to $24,8m and Events by more than a quarter (25.5%) to $13.35m.

For the full year, the firm is predicting total revenues of c. $425m to $435m, and operating margin of c.1.2% to 2.2%.

The results are similar to those reported in April, for the first quarter.

Chairman and CEO George Colony focused on the progress of specific initiatives including product migration - the company should have moved around 80% of its business to its Forrester Decisions platform by the end of the year - but admitted the remainder of the business had 'a challenging quarter'. He concluded: 'We are focused on stabilizing those businesses and are increasingly confident of returning to CV growth by the end of the year'.

Web site: www.forrester.com .

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