Omnicom Group (NYSE:OMC) shares tumbled Wednesday after the company’s second-quarter topline results failed to live up to expectations.
After Tuesday’s closing bell, the marketing firm posted revenue of $3.61 billion, below Street forecasts of $3.67 billion. Adjusted earnings were $1.81 per share, narrowly above analyst expectations of $1.80.
Omnicom stock slid more than 10% Wednesday morning to $87.75.
CEO John Wren focused on the company’s organic revenue growth while acknowledging the tougher-than-expected quarter.
“Organic revenue grew 3.4% in the second quarter and 4.3% year-to-date, placing us comfortably within our expected range and driving strong growth in earnings per share,” Wren said in a statement.
“While the balance of the year will continue to see economic uncertainty, we are entering a dynamic and exciting new era for our company. Omnicom has secured leading positions in generative AI technologies and partnerships to deliver on our promise to achieve the best outcomes for our clients and increase the operational efficiency of our company.”
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