TechTarget Lowers Guidance for Rest of Year
TechTarget, the Needham, Mass.-based tech media company, announced yesterday its second quarter financial results and lowered its revenue forecast for the rest of the year by $10 million. It dropped its annual guidance for 2008 from between $118 million and $122 million to between $108 million and $112 million.
Still, TechTarget CEO Greg Strakosch stressed his belief that the company is well-positioned for growth.
“Our business remains fundamentally solid as evidenced by our revenue growth and our long-term theses is unchanged,” said Strakosch. “As advertisers continue to focus on ROI, we continue to see ad dollars shift from broad media to targeted media, offline media to online media and non-measurable media to measurable media. We believe that we are the best-positioned media company in the IT market to benefit from these trends. We believe that we are continuing to gain market share, however, due to the macroeconomic weakness in the U.S. and its impact on advertising spending, we believe it is prudent to reduce our guidance to reflect the current market conditions.”
The company also reported second quarter revenue increased 28 percent to $20.8 million and adjusted EBITDA to be within the range of $25 million to $27 million.