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Ad firm Omnicom's profit beats on higher client spending


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April 16 (Reuters) - U.S. advertising company Omnicom Group Inc beat Wall Street estimates for quarterly profit on Tuesday, as it benefited from higher client spending worldwide.

Omnicom posted a 2.5 percent rise in first-quarter organic revenue - a widely watched measure that excludes fluctuation in foreign exchange rates and mergers. Analysts on average had expected a 2.3 percent rise, according to research firm FactSet.

Traditional advertising companies such as Omnicom have been shifting focus to high-growth digital marketing through a host of acquisitions to compete better with the targeted advertising models of Facebook and Alphabet Inc'sGoogle .

On a per share basis, the company earned $1.17 in the first quarter, compared with $1.14 a year earlier due to a lower share count.

Analysts on average had expected a profit of $1.09 per share, according to IBES data from Refinitiv.

Revenue fell 4.4 percent to $3.47 billion, slightly below analysts' expectations of $3.5 billion.






This article appears in: Politics , Fundamental Analysis , Stocks , World Markets , Earnings
Referenced Symbols: FB ,




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