IPG reported a net revenue decrease of 2.9% to $2.24 billion in Q3. Organic growth was flat year on year, lagging behind peers like Publicis and Omnicom.
IPG CEO Philippe Krakowsky explained that they are focusing on scaling up their capabilities in principal media buying, which he sees as a growth opportunity and a decisive factor in client pitches.
Despite challenges, Krakowsky remains optimistic, stating, 'The tone of business is improving' as economic uncertainties become a norm and businesses adapt.
Krakowsky acknowledged the recent losses, particularly the Amazon media account pitch, emphasizing the need for strategic adjustments in ongoing economic climates.
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