Total revenues were $84.9 million for the third quarter of 2018, compared with $80.4 million for the third quarter of 2017. Research revenues increased 4%, and advisory services and events revenues increased 9%, compared with the third quarter of 2017.
On a GAAP basis, net income was $4.0 million, or $0.21 per diluted share, for the third quarter of 2018, compared with net income of $4.0 million, or $0.22 per diluted share, for the same period in 2017.
On a pro forma basis, net income was $6.0 million, or $0.33 per diluted share, for the third quarter of 2018, which reflects a pro forma effective tax 
rate of 31%. Pro forma net income excludes stock-based compensation of $2.1 million, amortization of acquisition-related intangible assets of $0.4 million, and acquisition and integration costs of $1.0 million. This compares with pro forma net income of $5.6 million, or $0.31 per diluted share, for the same period in 2017, which reflects a pro forma tax rate of 40%. Pro forma net income for the third quarter of 2017 excludes stock-based compensation of $2.2 million, amortization of acquisition-related intangible assets of $0.2 million, and net investment losses of $0.8 million.
“Forrester met revenue and operating margin guidance while exceeding EPS guidance for the third quarter of 2018,” said George F. Colony, Forrester’s chairman and chief executive officer. “Our strategy continues to show results. We remain positive about our momentum and growth as we head into the fourth quarter.”
