IPG Notches First-Half Improvement - Adweek

Concerns about the downturn in the economy temper holding company's enthusiasm NEW YORK Interpublic Group today reported net income of about $88 million in the second quarter of 2008, down markedly from $121.5 million in the same period last year. IPG attributed the falloff in profit to a tax expense of about $79 million in Q2, compared to an $11.4 million tax benefit in Q2 2007. Through the first six months of the year, however, IPG recorded net income of $18.2 million -- a significant upward swing from the net loss of $2.7 million the holding company weathered in the first half of 2007. Revenue for both the quarter and first half increased to $1.84 billion (up 11 percent) and $3.32 billion (up 10 percent), respectively. And organic revenue -- which excludes the impact of currency exchange rates and acquisitions -- rose... [read full story]