Interpublic beats quarterly estimates on steady demand across divisions
The advertising firm's results show resilience as companies are pulling their marketing and advertising budgets amid an escalating global trade war and fears of a slowing U.S. economy and sticky inflation. "Account activity over the prior 12-month period will weigh on this year, though that impact was lessened in the quarter by sound underlying performance, with notable growth at IPG Mediabrands, Deutsch and Golin, as well as growth at Acxiom," CEO Philippe Krakowsky, said. The advertising industry, often seen as a mirror of corporate strength, will consolidate as Omnicom and Interpublic join forces in a $13-billion all-stock deal.