(Reuters) -Advertising firm Omnicom on Tuesday beat Wall Street estimates for the second quarter, fueled by growth in its advertising and media segment. Shares of the company rose 2.2% in trading after the bell. The ad firm’s results stayed immune to the ongoing macroeconomic and geopolitical uncertainty, helped by continued spending by businesses on Omnicom’s […]
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Omnicom tops revenue estimates on strong growth in advertising unit
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(Reuters) -Advertising firm Omnicom on Tuesday beat Wall Street estimates for the second quarter, fueled by growth in its advertising and media segment.
Shares of the company rose 2.2% in trading after the bell.
The ad firm’s results stayed immune to the ongoing macroeconomic and geopolitical uncertainty, helped by continued spending by businesses on Omnicom’s services.
Omnicom, which is leveraging AI in driving campaigns, is a marketing and communications firm that offers advertising, digital marketing solutions and branding to large corporations and government agencies across various sectors.
The company’s media and advertising segment, its largest by revenue, posted a growth of 8.2% in the second quarter.
Omnicom’s revenue stood at $4.02 billion in the quarter ended June 30, compared with analysts’ average estimate of $3.96 billion, according to data compiled by LSEG.
The company said it expects to close its acquisition of Interpublic Group of Companies in the second half of the year, as it cleared U.S. antitrust review.
On an adjusted basis, it earned $2.05 per share, compared with expectations of $2.00.
(Reporting by Kritika Lamba in Bengaluru; Editing by Shailesh Kuber)