Forrester Revenue Decline Continues

In Cambridge, MA, technology researcher Forrester has announced financial results for the third quarter, with reported revenue down almost 10% to $102.5m, and adjusted net income down 35% to $5.6m.

GAAP net loss was $5.8m, or $0.30 per diluted share, compared with net income of $2.5m / $0.13 per diluted share a year earlier.

Revenue in the Research segment, by far the company's largest, held up better, down 4.4% to $77.1m, but in the Consulting segment it fell 17% to $23.4m, while Events plummeted 54% to $2.1m. For the full year 2024 the company is forecasting total revenues of approximately $425 million to $435 million.

Forrester has reduced headcount from 1,750 to just over 1,600, in the last twelve months.

Chairman and CEO George F. Colony focused on the firm's fast-moving product migration, stating 'we are on track to exceed our target of 80% of CV (contract value) on the Forrester Decisions platform by year-end'. He added: 'We remain focused on our go-to-market improvements and enhancements to the platform, with the goal of delivering a strong fourth quarter to set us up for improved CV performance in 2025'.

After a similar decline reported in July, Colony described Q2 as a 'challenging quarter'.

The company is on the web 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.