Forrester Research, Inc. reported a total revenue of $432.5 million for the fiscal year ending December 31, 2024, a decrease of 10% from $480.8 million in 2023. The decline was primarily driven by a 5% drop in research revenues, which totaled $316.7 million, and an 18% decrease in consulting revenues, which amounted to $97.3 million. Events revenues also fell significantly by 34%, contributing $18.5 million. The company's net loss for the year was $5.7 million, compared to a net income of $3.1 million in the previous year, reflecting challenges in client retention and overall market conditions.
The company experienced a 5% decrease in contract value, which fell to $307.6 million from $323.6 million in 2023. Client retention remained stable at 73%, while wallet retention improved to 89%, indicating that existing clients are increasing their spending despite a reduction in the overall number of clients, which dropped to 1,942 from 2,257. The transition to the Forrester Decisions product platform, which now comprises approximately 80% of the company's contract value, has been a significant strategic focus, although it has not fully offset the impacts of macroeconomic pressures on client budgets.
In terms of operational changes, Forrester divested its FeedbackNow product line in August 2024 for approximately $17.6 million, resulting in a pre-tax loss of $1.8 million. The company has also implemented several workforce reductions, including a 6% reduction in January 2025, aimed at aligning its cost structure with revenue expectations. As of December 31, 2024, Forrester employed 1,571 individuals, a decrease from 1,617 in the previous year.
Looking ahead, Forrester anticipates continued challenges due to economic conditions, including inflation and rising interest rates, which may impact technology spending among its clients. The company has expressed a commitment to enhancing its product offerings and improving client engagement to drive future growth. Management remains focused on leveraging its research capabilities to adapt to changing market dynamics and meet evolving client needs, with an emphasis on maintaining high retention rates among existing clients.
About FORRESTER RESEARCH, INC.
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