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| Philippe Krakowsky |
Interpublic reported flat Q3 net revenues (+0.6 percent) of $2.3B as its financial performance did not live up to expectations, said CEO Philippe Krakowsky.
He cited lagging activity in the technology and telecom sectors, and clients delaying projects due to concerns over the macroeconomic conditions as crimping Interpublic’s onboarding of new business.
“We are focused on closing the year as strongly as possible and, specific to areas of underperformance, will simultaneously assess internal structural solutions in order to improve our growth profile,” said Krakowsky.
He projects 1 percent organic growth during Q4, compared to the 0.4 percent decline in Q3.
Krakowsky called PR a positive contributor to growth during the period.
On the PR front, IPG’s specialized communications & experiential solutions division, which includes Weber Shandwick, Golin, Current Global, R&CPMK, DeVries Global, Jack Morton, Momentum, and DXTRA Health, reported 7.7 percent growth to $371.3M. It was up 6.5 percent organically.
The unit registered 4 percent growth to $1.1B for the nine-month period, and a 4.5 percent advance on an organic basis.
Stagwell registered an eight percent rise in Q1 revenues to $670M and a $1.3M net loss compared to a $1.4M profit last year.
WPP reported a 5.5 percent decline in Q1 PR revenues to $292M as its BCW and Hill & Knowlton units suffered the loss of Pfizer assignments, and cutbacks in client spending due to the economic uncertainty.
Interpublic CEO Philippe Krakowsky said the firm is off to a “solid start to the year” as its flat $2.2B net revenues are in line with 2024 financial targets.
Why financial planning always plays a crucial role in every PR firm’s success.
Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
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