Interpublic Group of Companies, Inc. (NYSE: IPG), a provider of marketing solutions, reported an increase in adjusted profit for the second quarter of 2023 despite a decrease in revenues
- Total revenue, including billable expenses, was $2.67 billion in the June quarter, which is down 2.5% from the year-ago period
- Revenue before billable expenses declined 2% to $2.33 billion, with an organic decrease of 1.7%
- Reported net income was $265.5 million or $0.68 per share, compared to $229.6 million or $0.58 per share last year
- Adjusted earnings, excluding one-off items, moved up to $0.74 per share in Q2 from $0.63 per share a year earlier
- Q2 Operating income was $310.7 million, compared to $349.1 million in 2022
- Adjusted EBITA, before restructuring charges, came in at $330.2 million