Gartner beats Q3 expectations, shares edge higher

STAMFORD, Conn. - Gartner , Inc. (NYSE:IT ) reported third-quarter results that surpassed analyst expectations, driven by strong growth in its research segment. The company's shares rose 1.3% following the announcement.

The technology research and consulting firm posted adjusted earnings per share of $2.50, beating the consensus estimate of $2.37. Revenue came in at $1.5 billion, slightly above expectations of $1.48 billion and up 5.4% year-over-year.

Gartner's core Research segment, which accounts for the bulk of its revenue, grew 5.1% to $1.28 billion. Global Technology Sales contract value increased 6.1% year-over-year on a foreign exchange neutral basis to $3.9 billion.

"Revenue, Adjusted EBITDA, and Adjusted EPS were ahead of expectations. Contract value in the third quarter grew high single digits," said Gene Hall, Gartner's CEO. "We remain on a path to long-term, sustained, double-digit growth because of the compelling client value proposition we offer and the large addressable market we serve."

The company reported a significant gain of $300 million from event cancellation insurance claims related to events cancelled in 2020 and 2021. This contributed to a 130.6% increase in net income to $415 million.

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Source: Investing.com