Interpublic today reported a 1.6 percent slide in net revenues to $2B as CEO Michael Roth dealt with the challenges posed by the COVID-19 pandemic.
IPG registered net organic growth of 0.3 percent, a performance hampered by the 5.3 percent decline in Asia-Pacific region, which was hard hit by COVID-19.
North America's organic growth was up 0.8 percent, continental Europe jumped 1.2 percent while the UK dipped 1.8 percent.
"It’s too early to predict the duration and extent of macroeconomic pressure on marketers and our business, but it is heartening to see that our talented workforce has proven adept and comfortable at leveraging technology and collaborating virtually to continue to work effectively," said Roth.
He said IPG's solid results ($4.7M net income vs. $8M year-ago loss) "cannot be indicative of the remainder of the year."
Roth said while 95 percent of IPG's staff is working from home, "we continue to serve our clients around the globe, generate great ideas across all marketing disciplines and channels, and move the business forward."
IPG's constituency management group, which includes PR units such as Weber Shandwick, Golin, DeVries Global, pmk/bnc, Rogers & Cowan PMK, ReviveHealth and Current Global, reported revenues of $307.6M. That performance was up 3.0 percent and 3.7 percent organically.
Andy Polansky, who heads the CMG operation, said the PR units posted low single-digit growth on both a reported and organic basis.
He cited Weber, Golin, healthcare and consumer goods sectors as solid performers.