Wells Fargo Downgrades Interpublic Group (IPG) to Equal Weight, 'the 2Q print makes us more cautious on IPG'
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Go back to Wells Fargo Downgrades Interpublic Group (IPG) to Equal Weight, 'the 2Q print makes us more cautious on IPG'
July 21, 2023 8:43 AM EDT
(Reuters) -Interpublic lowered annual growth expectations on Friday and posted a fall in quarterly revenue as clients in the technology sector slashed marketing budgets, sending the advertising group's shares down more than 12%.
Rival Omnicom also posted weak earnings for the quarter, underscoring the pressure on ad agencies as economic uncertainty prompts businesses to tighten their budgets.
Interpublic, which has clients that... More
July 21, 2023 7:08 AM EDT
Interpublic Group of Cos. (NYSE: IPG) reported Q2 EPS of $0.74, $0.13 better than the analyst estimate of $0.61. Revenue for the quarter came in at $2.33 billion versus the consensus estimate of $2.39 billion.
For earnings history and earnings-related data on Interpublic Group of Cos. (IPG) click here.
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