TechTarget reports Q2 adjusted EPS 42c, consensus 40c

Reports Q2 revenue $58.9M, consensus $58.08M.We are pleased to report strong performance for the second quarter of 2024, with revenue exceeding our target and increasing 14% sequentially and 1% YoY. As we noted in our first quarter Shareholder Letter, customers continue to be cautious about their budgets amidst ongoing pressure and uncertainty surrounding high interest rates, inflation, international tensions and the upcoming Presidential election. This trend continued in the second quarter as technology vendors implemented additional discretionary expense reductions, layoffs and other cost cutting measures. In our experience, investors reward technology companies for revenue growth in low interest rate environments, which in turn incentivizes technology vendors to invest in sales and marketing. As such, we believe these headwinds will continue to put pressure on technology vendors and their customers until monetary policy actions are taken to improve the interest rate environment and lower the cost of capital,” the company stated.