Omnicom CEO John Wren reports Q3 revenues dropped 11.5 percent to $3.2B due to the negative impact of the COVID-19 pandemic. Organic revenues fell 11.7 percent.
The FleishmanHillard, Ketchum, Marina Maher Communications, Porter Novelli, Mercury and Cone spearheaded PR group posted a 4.3 percent dip in Q3 revenues to $322.8M and a 3.4 percent drop on an organic basis.
Wren said travel, lodging, entertainment, energy, oil & gas, non-essential retail and automotive sectors took the hardest hit from the virus.
He added that though healthcare, pharmaceuticals, technology, telecommunications, financial and consumer products areas “fared relatively well to date, conditions are volatile and economic uncertainty cuts across all clients, industries and geographies.”
Looking ahead, Wren said the revenue shortfalls suffered during the Q2 and Q3 are expected to continue through the rest of the year.
That reduced revenue “could adversely impact our ongoing results of operations and financial position and the effects could be material,” he said.