Why Advertising Company Interpublic Group's Shares Are Falling Today
Portfolio Pulse from Lekha Gupta
Interpublic Group of Companies Inc (NYSE:IPG) shares fell by around 4% after reporting Q3 FY23 results. The company reported revenue of $2.68 billion, beating the consensus of $2.38 billion. However, organic revenue was down 0.4% Y/Y in the quarter and adjusted EPS of $0.70 missed the consensus of $0.73. The company repurchased 6.1 million shares worth $219.0 million in the first nine months of 2023.
October 20, 2023 | 1:16 pm
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NEGATIVE IMPACT
Interpublic Group's shares fell after Q3 FY23 results. Despite beating revenue consensus, the company's organic revenue was down and adjusted EPS missed consensus.
Interpublic Group's shares fell due to mixed Q3 FY23 results. While the company beat revenue consensus, it reported a decrease in organic revenue and missed the consensus for adjusted EPS. This mixed performance likely led to the decrease in the company's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100