Business
IPG profits tumble 127% for Q2 as holding group concedes there’s more cost cutting to come – Mumbrella
IPG – the holding group responsible for agencies including Initiative, Mullen Lowe, R/GA and UM – is the next global giant to reveal how the COVID-19 pandemic and ensuing economic downturn has hit its agencies and clients.Overnight, the group revealed a loss …
IPG the holding group responsible for agencies including Initiative, Mullen Lowe, R/GA and UM is the next global giant to reveal how the COVID-19 pandemic and ensuing economic downturn has hit its agencies and clients.
Overnight, the group revealed a loss attributable to shareholders for the second quarter of 2020 of US$45.6m, down from a profit of US$169.5m last year a decline of 126.9%.
CEO Michael Roth conceded that the groups cost-cutting measures might not be over yet.
With our review co…
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