 |
| Mark Penn |
Stagwell’s Mark Penn reports Q3 revenue fell 7 percent to $617.6M and net income declined to $653K from $10.6M a year ago.
He anticipates a return to growth over the next two quarters as tech spending perks up, and the entertainment and auto sectors rebound from strikes.
Penn is ready for a “strong 2024 as the political cycle kicks in again and as we introduce our cutting-edge AI products within the Stagwell marketing cloud.”
The company on Oct. 31 bolstered its balance sheet via the divestiture of ConcentricLife for $245M cash.
Penn called that integrated health marketing agency “a non-core asset.”
Stagwell followed up that divestiture with the $15M acquisition of Movers and Shakers LLC, provider of social media marketing solutions.
Penn expects Stagwell will report a 4 percent decline in organic net revenue for full-year 2023, an improvement from the Q3 7 percent dip.
Stagwell owns Allison+Partners, SKDK, Sloane & Co., KWT Global and Hunter.
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.
Have a comment? Send it to 
No comments have been submitted for this story yet.