Tech Slump Hits WPP
Fri, Aug. 4, 2023
By Kevin McCauley
WPP CEO Mark Read slashed the firm's 2023 growth forecast from the 3 percent to 5 percent range down to 1.5 percent to 3 percent as the US technology slump took its toll on 1H revenues.
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WPP CEO Mark Read slashed the firm's 2023 growth forecast from the 3 percent to 5 percent range down to 1.5 percent to 3 percent as the US technology slump took its toll on 1H revenues.
LLYC reported first-half revenues grew 12 percent to $54M, while EBITDA advanced 9 percent to $9.7M. Organic growth rose 8 percent.
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Interpublic CEO Philippe Krakowsky reports 2Q net revenues fell 2.0 percent to $2.3B as the lagging tech sector and revenue shortfalls in the US and European markets hurt IPG’s financial results.
Publicis Groupe CEO Arthur Sadoun reports 5.2 percent 2Q net revenue growth to $3.5B as the French combine shifted its orientation from a “communications to transformation partner” for its clients.
Omnicom CEO John Wren reports 2Q revenues inched ahead by 1.2 percent to $3.6B. Operating income rose 1.7 percent to $550.7M.
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Stagwell reported a three percent decline in Q1 revenues to $622M, a performance that CEO Mark Penn said was in line with management’s expectations.
WPP reported 2.9 percent growth in Q1 revenues to $3.5B, sparked by client spending in the data, communications and customer experience categories.
Interpublic reported Q1 net revenue dropped 2.3 percent to $2.2B. Organic revenues dipped 0.2 percent compared to a 11.5 percent rise in last year’s period.
Public Policy Holding Company posted a 9.5 percent boost in revenues to $108.8M in 2022, which was its first full year as a publicly traded company.
Omnicom's Q1 revenues inched ahead one percent to $3.4B, while operating profit dipped 1.8 percent to $346M as clients grappled with macroeconomic, technological and social challenges, according to CEO John Wren.
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Interpublic reported Q4 revenues inched ahead 1.8 percent to $3B while net income tumbled 17 percent to $297.2M.
Omnicom reported flat Q4 revenues of $3.9B though CEO John Wren highlights a 7.2 percent rise in organic growth, which he says “was stronger than expected.”
With the 2023 tax season upon us, here’s a list of recent major tax changes and updates to help guide you through the tax planning process this year.
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