Shares of the New York-based company fell over 3% in premarket trading. Interpublic's results fan fears that the slump in the ad market will persist as...
- Advertising group Interpublic missed Wall Street expectations for third-quarter revenue on Tuesday, hit by the continued slump in ad spending across major markets like the United States. Interpublic 's results fan fears that the slump in the ad market will persist as marketers withhold spending on projects due to high interest rates and economic uncertainty .
Interpublic - which also owns McCann, Mediabrands and MullenLowe - reported revenue of $2.24 billion for the quarter ended Sept. 30, falling short of estimates of $2.30 billion, as per data compiled by LSEG. Adjusted earnings per share of 70 cents in the reported quarter came in line with analysts expectations.Shares of the New York-based company fell over 3% in premarket trading. Interpublic's results fan fears that the slump in the ad market will persist as marketers withhold spending on projects due to high interest rates and economic uncertainty. Interpublic said in July that its clients in certain businesses are taking longer to make decisions over macroeconomic concerns.
Spending Premarket Trading Reported Revenue Economic Uncertainty Reported Quarter
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