Published on 30 Apr 2024 on GuruFocus.com via Yahoo Finance
Forrester Research Inc (FORR) Misses Q1 Revenue Forecasts and Reports Widened Net Loss
Revenue: Reported at $100.1 million for Q1 2024, down 12% year-over-year, falling short of estimates of $104.21 million.Net Loss: Increased to $6.7 million in Q1 2024 from $4.1 million in Q1 2023, with a loss per share of $0.35, below the estimated earnings per share of $0.22.Adjusted Net Income: Stood at $2.8 million, or $0.14 per diluted share, down from $5.1 million, or $0.27 per diluted share in the previous year.Stock Repurchase Program: Board authorized a $25 million increase, bringing the total available repurchase authorization to approximately $89 million.Contract Value (CV): Decreased by 4% to $323.1 million, with a client retention rate of 72% and wallet retention of 88%.Cash Flow: Net cash provided by operating activities was $611 thousand, significantly lower compared to $12.28 million in the prior year.Guidance: Maintains full-year 2024 guidance, expecting momentum from Forrester Decisions as the year progresses.
Warning! GuruFocus has detected 5 Warning Sign with FORR.