Major ad agency Interpublic reported steady first-quarter results, with adjusted earnings per share beating Wall Street expectations, but the company warned that COVID-19 will likely take a signifi…
“It goes without saying that uncertainty and anxiety as a result of the devastating COVID-19 pandemic have generated significant challenges,” CEO Michael Roth said in the company’s earnings release. “Unfortunately our solid results in the first quarter cannot be indicative of the remainder of the year.”
Roth didn’t offer specifics, but the ad environment has entered an unsettling phase, especially for television and digital. Both areas are seeing record usage as many parts of the world have endured lockdowns due to the coronavirus. But the economic toll has been severe, with businesses laying off or furloughing millions of workers and consumer spending declining sharply.
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