The research and consulting company Gartner, Inc. (NYSE: IT) recently released its report for the second quarter of 2021. The company is operating in an environment of growing demand for information as the recent COVID-19 pandemic has caused significant impacts on many markets.
Gartner Inc.’s (IT) revenue increased by 20% year-over-year to $1.2 billion in the past quarter. The net income increased to 271 million dollars, and EBITDA increased almost 85 percent to 355 million dollars. A 75% increase in free cash flow brought $563 million in cash. The earnings per diluted share increased 413% to $3.13. During the same period, the company repurchased 685 million shares for over 3 million.
The company has grown in all key segments of its business. Thus, sales of IT market research increased by 15% – mainly due to industry conferences resumed. In the consulting sector, revenue grew by 9%. IT Stock total value of contracts reached $3.8 billion
Gartner Inc. (IT) was able to improve its forecast for the entire 2021 due to the positive results. Currently, the company expects revenue of $4.57 billion and earnings per share of $7.6. The free cash flow forecast is $1.13 billion, compared to the previously expected $850 million.
Gartner’s forecast appears realistic because there are still positive factors to consider. Firstly, this reduces the uncertainty of COVID-19, allowing forecasts for the market’s behavior to be made. Additionally, many companies intend to capitalize on deferred demand by identifying trends using relevant research.
Gartner Inc. (IT) has increased by 80.96% to $289.88 at the end of its trading day on August 4 since the beginning of the year. Currently, the market capitalization is $24.81 billion.