STAMFORD, Conn. (AP) -- Technology research provider Gartner Inc. said Tuesday that its net income climbed 23 percent in the fourth quarter because revenue from research and the company's events rose.
For the October-December quarter, Gartner posted net income of $45 million, or 46 cents per share, compared with earnings of $36.7 million, or 37 cents per share, a year earlier.
Profit was just short of the 47 cents per share that analysts polled by FactSet had predicted.
Gartner's stock fell $1.39, or 3.6 percent, to $37.76 in afternoon trading Tuesday after the results came out.
Revenue rose 12 percent to $427.7 million, matching analysts' prediction, from $382.3 million.
Research revenue climbed 14 percent to $262.6 million, while events revenue rose 22 percent to $76.4 million. Consulting revenue declined 1 percent to $88.6 million.
For all of 2011, net income grew 42 percent to $136.9 million, or $1.39 per share, from $96.3 million, or 96 cents per share, in 2010. Revenue rose 14 percent to $1.47 billion from $1.29 billion.
Gartner predicted 2012 results that bracketed analysts' expectations. The Stamford, Conn., company forecast earnings of $1.63 to $1.79 per share on revenue in a range of $1.6 billion to $1.65 billion.
Analysts were expecting earnings of $1.75 per share, above the midpoint of the company's forecast, on revenue of $1.62 billion for the year.
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