Gartner lifts annual earnings forecast on stable demand for research, consulting

Gartner

03/11/2023 11:29

Nov 3(Reuters) - Information Technolgy Consultant
Gartner Inc  IT.N  beat third-quarter results estimates on
Friday and nudged up its annual earnings forecast, as it
benefits from stable demand for its research and consulting
services.
    Gartner, a dominant player in the data and analytics market,
posted revenue of $1.41 billion for the third quarter, beating
analysts' average estimate of $1.39 billion, according to LSEG
data.
    The Stamford, Connecticut-based company also upgraded its
annual earnings forecast and now expects revenue of $5.89
billion, up from its prior forecast of $5.85 billion.
    Gartner expects adjusted earnings for the year to be $10.9
per share, up 90 cents per share from its previous projection.
    The company's core research business saw a nearly 6% jump in
revenue to $1.22 billion for the quarter ended Sept. 30.
    Gartner, whose clients include payment solutions provider
PayPal  PYPL.O  and media company Comcast  CMCSA.O , said its
consulting segment saw a rise of 24% to $133 million.
    Revenue at its conference business slumped by about 26% to
$57 million, in line with the company's expectations. In August,
Gartner had flagged weakness in the third quarter for the
segment.
    Gartner earned $2.56 per share on an adjusted basis in the
three months ended Sept. 30, beating analyst estimates of $1.96
per share.

 (Reporting by Juby Babu in Bengaluru; Editing by Tasim Zahid)
 ((Juby.Babu@thomsonreuters.com;))