Interpublic sees rebound as the economy improves
INTERPUBLIC, the world’s fourth largest advertising company, yesterday posted a larger-than-expected rise in quarterly revenue, amid signs that the ad industry is poised for a rebound.
The company said net income rose to $105.3m (£67.4m), or 15 cents a share, from $20.9m, or four cents a share, a year earlier.
Revenue for Interpublic, parent to well-known agencies like McCann-Erickson, rose 9.7 per cent to $1.62bn, beating estimates of $1.51bn.
Chief executive Michael Roth attributed the revenue growth to improved business from both existing and new clients across many of its agencies.
“With revenue stability and growth back in the picture, we feel we are very much on track to deliver on our operating margin objective of better than eight per cent for 2010,” he said.
Shares of Interpublic jumped 7.3 per cent to $8.85 yesterday.