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| Mark Penn |
Stagwell’s 2Q revenues slipped 6 percent to $632.3M and fell 5.3 percent on an organic basis.
CEO Mark Penn said Stagwell is “facing headwinds caused by economic uncertainty and especially tech client reorganizations, the effects of which we believe are temporary.”
He is bullish on the second-half and all of 2024.
“We are beginning to see a return to a more normal business environment, and the emergence of Generative AI is providing a runway for future work that we believe will explode in the next 12 to 18 months.”
The company posted a $10.2M net loss during the quarter vs. a $24.5M year ago profit.
Stagwell owns Allison+Partners, SKDK, Sloane & Co., KWT Global and Hunter.
Public Policy Holding Company registered 23.8 percent Q3 growth to $48.8M, with organic growth contributing 4.5 percent and the balance driven by merger & acquisition activity.
Publicis Groupe reported 3.1 percent in Q3 growth to $4B, sparked by a 3.6 percent jump North America, its biggest market.
WPP suffered a 10.2 percent drop in 1H revenues to $6.7B and a 47.8 percent plunge in operating profit to $297M.
Interpublic reported Q2 net revenues dropped 6.6 percent to $2.2B and operating income tumbled 23.4 percent to $243.7M. 
WPP has adopted a gloomier profit and sales forecast due to a deteriorating Q2 financial performance triggered by weak client spending as companies cope with the challenging economic backdrop.
