IPG upgraded its outlook for 2022 after posting better than expected results for the September quarter despite a more “challenging macroeconomic environment”.
Net revenue was $US2.30 billion, up 1.5%, and organic growth 5.6%.
CEO Philippe Krakowsky: “Despite heightened macroeconomic and geopolitical uncertainty, we are upgrading our expectation for organic growth for the full year to 7%.”
IPG’s result aligns with global advertising groups Publicis Groupe and Omnicom who both upgraded their full year guidance.
Krakowsky: “Third quarter performance was highlighted by solid revenue growth in all world regions, and driven by contributions from across our portfolio, whether viewed by segments, agencies or marketing disciplines.
"For the quarter, organic growth was 5.6%, on top of 15.% a year ago, which brings our three-year growth stack to 16.9%.
“Embedding digital across the portfolio and adding a layer of data and tech to our offerings have been important parts of our playbook, as has our commitment to strong agency brands and industry-leading talent.
"Our people are delivering marketing and media solutions that bring together creativity, technology and data in ways that drive growth for our clients and as we look to the future, an important area of focus will continue to be commerce and business transformation work.
“As we further evolve our offerings and align our portfolio in the service of clients, we see significant opportunity to keep creating value for all of our stakeholders.”
The September quarter numbers:
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