TotalCIO

Oct 31 2008   12:04PM GMT

IT research gurus cash in, as economy sinks

Linda Tucci Linda Tucci Profile: Linda Tucci

If the economy puts your job at risk, you might want to consider a career at those places that are always giving you advice.

Both Gartner Inc. and Forrester Research Inc. beat earnings estimates for the third quarter. Gartner’s quarterly profit of 19 cents a share easily beat Wall Street estimates of 12 cents a share, sending shares up some 6% on Thursday. Forrester shares beat analysts’ estimates by a penny, sending its shares up 9% on Wednesday. Sales were also up at both research houses. Gartner saw third-quarter revenue rise 11% from a year earlier, to $297.3 million. Forrester’s revenue came in at $59.1 million for the quarter, up more than 15% from a year ago.

Cautious optimism was the watch phrase from both firms. Forrester chairman and CEO George Colony pointed to new clients added in the third quarter as a sign that the firm’s “role-based strategy” remains relevant. Gartner CEO Eugene Hall noted that the firm’s events business showed signs of slowing in July, prompting Gartner to trim its revenue outlook for 2008, but 2008′s profits are expected to beat the firm’s earlier estimates.

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