IPG posts revenue decline, share price jumps

IPG has reported a marginally better second quarter than expected, posting a 3.5% drop in organic net revenue. The news prompted a 6.7% jump in IPG’s stock.

The holdco reported AU$3.87 billion (US$2.54 billion) in total revenue for Q2, down from AU$4.14 billion (US$2.71 billion) in the same period last year.

Net revenue was down 6.6% year-on-year at AU$3.31 billion (US$2.17 billion). This reflected a net decrease due to “strategic dispositions” of 3.4%, organic growth of -3.5%, and impact of foreign currency translation of 0.3%.

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