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Forrester axes 15 per cent

It's all the economy's fault...

By Chris Holbrook

Published: 13 July 2001 11:38 BST

IT analyst firm Forrester Research will release 111 sales employees worldwide in the first mass redundancy since its inception 18 years ago.

The company blamed the sagging US economy and weakened demand for reports for the move.

Forrester said it will also take a one-off charge of between $3m to $4m during the third quarter. However, it maintained that revenue expectations of approximately $46m for the second quarter would remain inline with previous estimates.

Results for the quarter ended 30 June will be reported on 18 July. Forrester predicted the cutbacks will save it between $15m and $17m annually.

For related news see:
Analysing the analysts: Can independence be bought?
http://www.silicon.com/a43699
Analysing the analysts: Making up the numbers
http://www.silicon.com/a45157
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