Technology specialist Forrester Research has announced a 3.5% drop in Research division revenues to $73.6m, in the second quarter. Chairman and CEO George Colony said the company had performed better than expected during a challenging quarter.
Overall for the group, Q2 revenue was down 11.5% to $113.5m, from $128.2m in the prior year period. Forrester's Consulting division saw fairly flat revenues of $34.8m (2019 Q2 $34.0m); while Events reported a drastic but wholly expected fall to $5.0m from $17.8m in the same period a year ago.
On a GAAP basis, net income was $11.8m for the second quarter of 2020, compared with a net income of $1.6m for the same period in 2019; and on an adjusted basis it was flat at $12.2m ($12.3m in Q2 2019). Total company headcount rose 3.7% to 1,843; there were 726 products and advisory services staff, an increase of 8.4%; and the sales team expanded by 3.2% to 719 staff.
Colony (pictured) comments: 'With no existing playbook on how to manage this crisis, business leaders are turning to Forrester for advice and research on how to navigate these challenging times. We are continually innovating our own business and sharing best practices with our clients - our quick pivot to digital events is an example. As a result, our client interactions are at an all-time high. As we look ahead to 2021 and beyond, we are well positioned to come out of the pandemic stronger'.
Web site: www.forrester.com .
All articles 2006-20 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.