Forrester Research up on Q3 revenue beat
Forrester Research, Inc. (Nasdaq: FORR) shares are up slightly after the business services provider reported third-quarter revenue of $51.1 million, above analyst estimates of $50.8 million and up 16% from $44.1 million a year earlier.
The Cambridge, Mass.-based company’s quarterly profit totaled $6.8 million, or $0.29 per share, on par with Wall Street projections of $0.29 per share and compared with $6.3 million, or $0.27 per share, during the year-ago period.
"Our business remains strong and we are on a path to achieve our full-year guidance," CEO George Colony said in a statement. "We have spent much of this year ensuring that we have the necessary resources for continued growth. These include refining our products and increasing the research and sales staff which will enable us to successfully complete the implementation of our role-based strategy."
For the fourth quarter, Forrester expects revenue in the range of $54 million to $56 million and earnings in the range of $0.22 to $0.26 per share.
In morning trading, FORR shares are up 2.91%, or $0.66, at $23.33. Over the last 52 weeks, shares have ranged from $20.28 to $31.36.
