Gartner beats estimates for second quarter, raises annual profit forecast
July 30 (Reuters) -Gartner IT.N topped Wall Street expectations for quarterly revenue and raised its annual profit forecast on Tuesday, helped by steady demand for its research and consulting services.
The company is a leading research and advisory firm that helps its customers make business decisions through data and analytics. It has around 15,000 enterprise clients and operates in three segments — research, consulting and conferences.
Gartner expects full-year 2024 adjusted profit at about $11.05 per share, higher than its prior forecast of about $10.90.
Revenue at the company's research segment, which accounts for more than half of its total revenue, was at $1.27 billion in the second quarter, up about 5% from a year earlier.
The company's conference and consulting businesses, respectively, posted a 10.2% and 13% rise in quarterly revenue.
"Contract value in the second quarter grew high single digits, accelerating from Q1," said Gartner CEO Eugene Hall.
Total revenue was at $1.60 billion in the quarter ended June, up 6% from a year ago. Analysts on average estimated $1.59 billion, according to LSEG data.
Adjusted profit came at $3.22 per share, also beating the estimates of $3.02.
Reporting by Harshita Mary Varghese; Editing by Shilpi Majumdar
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