IPG reports $1.85 bn net revenue for Q2, 12.8% drop from last year

Operating income for the second quarter of 2020 stands at $40.5 million, compared to $264.2 million in 2019

e4m by exchange4media Staff
Updated: Jul 30, 2020 7:40 AM
IPG

Interpublic has reported net revenue of $1.85 billion for the second quarter, a decrease of 12.8% from a year ago.

The organic net revenue has dipped by 9.9% due to the impact of global economic contraction in the quarter, the company said.

The total revenue for the second quarter of 2020 stands at $2.03 billion, compared to $2.52 billion in 2019.

The operating income in the second quarter of 2020 was $40.5 million, compared to $264.2 million in 2019.

Michael Roth, Chairman and CEO, IPG, said, “As we navigate the global pandemic, at IPG, we will stay focused on the safety, health and well-being of our employees, clients, and other key partners. As expected, our results bear the imprint of the severity of the health crisis and its economic impact. However, our companies and our people have adjusted quickly to these uncertain times and new ways of working, as evident in our results, which once again show IPG outperforming the sector.

“During the quarter, our company maintained the high quality of our services and forged deeper relationships with our clients, while effectively managing expenses, and continuing to invest in our future. Notably, we furthered our progress in the most contemporary disciplines, including media, data and technology offerings, as well as our healthcare marketing offerings. We remain new business positive year-to-date, and our pipeline of business opportunities is solid. We initiated a program of structural operating cost reduction to lower our expense base, and raise our margin opportunities going forward. Our balance sheet and liquidity continue to be further areas of strength. These accomplishments underscore the vitality of our offerings, the exceptional talent of our people, and the flexibility of our business model.

“Looking forward, visibility will remain unclear for as long as COVID is disrupting everyday life and macroeconomic conditions. As always, we will be disciplined in how we manage the business, aligning expenses closely to any changes in revenue. We look forward to returning to our strong trajectory of organic revenue and profit growth as a recovery takes hold.”

For more updates, be socially connected with us on
WhatsApp, Instagram, LinkedIn, Twitter, Facebook & Youtube