MDC Partners reported second quarter revenue inched up 0.1% to $337M in a "challenging quarter" as the New York-based PR and marketing group lowered guidance for the year.
Net income fell to $1.2M from $29.6M a year earlier. Net loss for the first six months of the year was $22.1M, up from $2.5M in 2015.
Chairman and CEO Scott Kauffman called Q2 a "challenging quarter for our business" with results below expectations. He stressed a strong underlying business is positioned for growth in the second half.
MDC, which owns PR units like Allison+Partners and Kwittken, said net new business for the year was $57M.
Guidance for 2016 revenue was reduced by $20M to a range of $1.39B to $1.42B.
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