(Reuters) – Gartner raised its annual profit forecast after beating quarterly earnings estimates on Tuesday, on steady demand for research and consulting services in a tough economy.
A dominant player in the data and analytics market, Gartner expects its full-year adjusted earnings per share to be $10, compared with its prior forecast of $9.50.
The company, whose more than 15,000 enterprise clients include payment solutions provider PayPal and media company Comcast, said revenue rose 9.2% over the year earlier to $1.50 billion in the second quarter.
Analysts on average estimated revenue at $1.48 billion, according to Refinitiv data.
Gartner’s mainstay research business saw a near 6% jump in revenue to $1.21 billion, while the consulting business reported an almost 5% rise to $126 million.
Revenue at the company’s conference business jumped 49% to $169 million.
Still, the company lowered its full-year revenue forecast by about $50 million to $5.85 billion, citing weakness in its non-subscription research business.
On an adjusted basis, Gartner earned $2.85 per share in the three months to June 30, compared with analysts’ estimate of $2.51 per share profit.
(Reporting by Zaheer Kachwala; Editing by Shilpi Majumdar)
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