Interpublic Group has released 2nd quarter earnings showing stronger than expected numbers amid signs of a recovery from the Covid-19 downturn.
Net revenue reached $2.3 billion, a 12% increase YOY, and adjusted earnings reached 70% a share. IPG shares have jumped 33% this year.
“Now importantly, it bears noting that when compared to our non-pandemic results in 2019, Q2 results show our company is performing at a very high level,” said CEO Philippe Krakowsky.
We continue to feel this is the result of strategic decisions that we’ve taken over a number of years to position our company for the future, investments and actions that have created a sustainable advantage for our organization.
Shares of IPG skyrocketed more than 10% following the positive news.
“We clearly have experiential and events showing a real recovery, though they’re not all the way back. Month to month in the quarter, we saw consistency. So that’s something where in terms of projecting forward we see that as encouraging.”
“Our strong results in the quarter build on IPG’s consistent record of industry outperformance and margin expansion,” he added.
“Our growth across regions, disciplines and client sectors speaks to more than a recovering global economy. It underscores the elevated value that marketing and media partners can deliver in the integration of creativity, technology and data at scale made the significantly increased velocity of digital transformation.”