Gartner raises annual forecasts on steady demand in key research unit
Nov 5 (Reuters) -Research and advisory firm Gartner IT.N raised its full-year forecasts for revenue and profit on Tuesday, banking on its ability to retain clients as enterprise spending, especially in the core IT sector, picks up.
Growing economic and geopolitical uncertainties have exposed businesses to greater risks and volatility, driving up demand for research insights to help them make better decisions.
Gartner, which operates in three segments — research, consulting and conferences, has around 15,000 enterprise clients.
The company said its client retention rate was 83% for the quarter ended Sept. 30. Contract value in the third quarter grew 7.3% over the same period a year earlier.
The Stamford, Connecticut-based company now expects its 2024 revenue to be at least $6.23 billion, compared with its previous forecast of at least $6.20 billion.
It also expects its full-year adjusted profit to be at least $11.75 per share, versus the $11.05 per share projected earlier.
Revenue at the company's mainstay research segment, which accounts for more than half of its total revenue, was up about 5.1% at $1.29 billion in the third quarter.
Its conferences business posted a 32.5% rise in revenue, while the consulting segment saw a 3.9% fall.
Gartner's total quarterly revenue was at $1.48 billion, up 5.4% from a year ago.
Adjusted profit was at $2.50 per share, beating analysts' estimate of $2.39, according to data compiled by LSEG.
Reporting by Rishi Kant in Bengaluru; Editing by Shilpi Majumdar
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