Interpublic misses by $0.03, beats on revs (28.54)
- Reports Q3 (Sep) earnings of $0.70 per share, excluding non-recurring items, $0.03 worse than the FactSet Consensus of $0.73; revenues rose 16.6% year/year to $2.68 bln vs the $2.39 bln FactSet Consensus.
- "During the third quarter, revenue performance did not measure up to expectations, yet we continued to demonstrate disciplined management of the business and to see positive contributions to growth from our media offerings, the health care sector, sports and experiential marketing, and public relations. "Factors that we have identified since the early part of the year continued to weigh on our growth in the quarter. These include the decreases in client activity in the tech and telecom client sector that have been evident across our industry, and the performance of certain of our digital specialists. Another factor impacting results is increased concern among marketers related to macroeconomic conditions, which led to the delay of projects and sales cycles, as well as slower-than-anticipated onboarding of some new business."