Forrester Reports Solid First Quarter

Technology researcher Forrester Research has reported a 5.4% rise in first quarter revenue to $106.3m, equivalent to a 2% rise pro forma. Reported revenue for the research division increased 6% to $72.7m, and for advisory services and events 5% to $33.5m.

As a result of the pandemic, Forrester says it has taken actions to keep expenses aligned with revenue, and these include removing the company bonus for 2020, reducing hiring and restricting non-essential travel. The firm anticipates reduced revenue in its events business; and says clients in the hotel, airline, restaurant, automotive and physical retail sectors have cut their budgets; while some are reducing budgets because of the general economic slowdown.

GAAP net loss was $0.5m compared with a net loss of $13.3m for the same period in 2019. On a pro forma basis, net income was $6.9m, compared with $1.6m a year earlier.

Chairman and CEO George Colony (pictured) comments: 'Given the unprecedented nature of the pandemic, clients are increasingly relying on Forrester's fact-based research for guidance; interactions are at an all-time high. We have doubled down on our 'customer-obsessed' research and are pioneering new products, including virtual events, to help our clients navigate uncertainty'.

Web site: www.forrester.com .