Double-Figure Revenue Drop for Forrester

Tech consultancy Forrester Research has announced third quarter revenue of $113.4m, down 11.2% from $127.7m a year earlier. The Consulting division reported the biggest fall, down 24.5% to $28.2m.

Research, which accounts for the lion's share of the group's business, fell less sharply but still significantly from $87.0m a year ago to $80.6m in the latest results, while the remaining Events division saw a rise from $3.26m to $4.59m. Adjusted net income for the company as a whole was $8.6m, down from $10.9m in Q3 2022.

For the full year 2023 Forrester is forecasting total revenues of $475 - 485 m, and operating margin of 1.2% to 2.2% - reported basis. The company saw declines in revenue in Q2 also, but less steep.

Unsurprisingly CEO and Chairman George F. Colony (pictured) focused on the positives: 'While our contract value [CV] remained flat this quarter due to persistent headwinds, we now have approximately $200 million of CV on the Forrester Decisions platform and remain on track to convert two-thirds of our CV to Forrester Decisions by the end of the year. We continue to improve the Forrester Decisions platform. These enhancements include the development of Izola, our generative AI system, and the expansion of client outcomes. Izola will enable clients to find answers faster, and outcomes will better align Forrester's value with client challenges. We remain resolute in our pursuit of growing CV and accelerating the ongoing journey to create a high-performance sales culture'.

Web site: www.forrester.com .