Gartner, Inc. (NYSE:IT) a technology market research firm today stated that the company’s net income for the 2nd quarter increased by 60% as the revenue from research work increased during the period beating the analyst expectations as a result of which the company’s stock rose.
The company’s net income amounted to $32.2 million, or 32 cents per share, in comparison with $20.1 million, or 20 cents per share, earned in the 2nd quarter in 2010.
The company earned 34 cents per share after excluding all special costs which was 3 cents more than what analysts expected, according to FactSet.
Revenue of the company went up by 16% to $365.5 million, as revenue from research work went up by 20% to $250 million and revenue from consultancy went up by 3% to $78 million further more the revenue generated from Events went up by 28% to $37.6 million.
Analysts on the other hand expected the company’s earning of $356.3 million in revenue.
The company projected its fresh revenue outlook for the rest of the year, expecting revenue of $1.44 billion to $1.49 billion in spite of $1.43 billion to $1.46 billion that had been previously forecast. The company further expects a profit of $1.33 to $1.45 per share after excluding all restructuring cost.
Analysts however have predicted revenue of $1.46 billion and earnings of $1.41 per share.
The company’s shares increased by 70 cents to $38.04 during the afternoon trading hours.
The assembled information distributed by headlineotc.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Headlineotc.com does expect that investors will buy and sell securities based on information assembled and presented herein. Headlineotc.com will not be responsible in any way for or accept any liability for any losses arising from an investor’s reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.