Gartner Ups 2010 Forecast Following Q3 Results

Technology research firm Gartner has reported a 12% revenue hike to $296m for Q3 2010. As a result, the firm has increased its financial forecast for the full year, and says it is on track to deliver double-digit revenue and earnings growth over the long-term.

Following the third quarter results, Gartner is forecasting total revenue of between $1.27bn and $1.3bn for the full year.

Q3 2010 revenue in the Research division grew 17% to $214.7m from $185m in Q3 2009. During the period, contract value was up 22% to $905.5m, and client retention increased to 82% from 77% last year.

Gartner is now predicting that its Research segment will contribute between $855m and $865m to the full year financials.

In the Consulting team, revenue was slightly down at $65.4m, from $65.7m in the prior year period, while in the Events unit, revenue for third quarter 2010 was up 3% to $16.0m. Overall, group net income was flat at $20.1m.

'We achieved record new business in Research, higher client and wallet retention, and continued acceleration in many of our other key business metrics during the third quarter,' comments CEO Gene Hall (pictured). 'As a result of these better than expected results and strong current business trends, we have again increased our financial outlook for the full year 2010.'

Web site: www.gartner.com .