Forrester Research has reported a 3% decline in contract value (CV) to $323.0 million in its Q2 2024 results, with challenges in the firm's non-CV businesses, namely consulting and events leading to a lowering of the 2024 guidance.

Total revenues for Q2 2024 were $121.8 million, compared to $135.6 million in Q2 2023. GAAP net income for Q2 2024 was $6.3 million, or $0.33 per diluted share, compared to $5.3 million, or $0.28 per diluted share, in Q2 2023. Adjusted net income for Q2 2024 was $12.9 million, or $0.68 per diluted share, compared to $18.1 million, or $0.94 per diluted share, in Q2 2023.

Despite this, CEO and Chairman George F. Colony maintains a positive outlook. "We are pleased with the progress we made this quarter with our product migration, and we are on track to hit our target of 80% of CV on the Forrester Decisions platform by year-end. CV metrics continue to stabilise, we have added significant enhancements to the platform, and retention shows improvement from the prior quarter," he said. "That said, our non-CV businesses, consulting and events, had a challenging quarter, which caused us to lower 2024 guidance. We are focused on stabilising those businesses and are increasingly confident of returning to CV growth by the end of the year."

Forrester provided its 2024 guidance, with GAAP total revenues expected to be approximately $425 million to $435 million, and adjusted operating margin expected to be approximately 8.5% to 9.5%.