Gartner lifts annual profit forecast on consulting, research demand

Gartner

01/08/2023 12:54

Aug 1 (Reuters) - Gartner  IT.N  raised its annual
profit forecast after beating quarterly earnings estimates on
Tuesday, on steady demand for research and consulting services
in a tough economy.
    A dominant player in the data and analytics market, Gartner
expects its full-year adjusted earnings per share to be $10,
compared with its prior forecast of $9.50.
    The company, whose more than 15,000 enterprise clients
include payment solutions provider PayPal  PYPL.O  and media
company Comcast  CMCSA.O , said revenue rose 9.2% over the year
earlier to $1.50 billion in the second quarter.
    Analysts on average estimated revenue at $1.48 billion,
according to Refinitiv data.
    Gartner's mainstay research business saw a near 6% jump in
revenue to $1.21 billion, while the consulting business reported
an almost 5% rise to $126 million.
    Revenue at the company's conference business jumped 49% to
$169 million.
    Still, the company lowered its full-year revenue forecast by
about $50 million to $5.85 billion, citing weakness in its
non-subscription research business.
    On an adjusted basis, Gartner earned $2.85 per share in the
three months to June 30, compared with analysts' estimate of
$2.51 per share profit.
    
    
    

 (Reporting by Zaheer Kachwala; Editing by Shilpi Majumdar)
 ((Zaheer.Kachwala@thomsonreuters.com;))