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IPG managed to deliver another unpleasant surprise last week to Wall Street. Industry analysts were expecting a per-share profit when IPG reported earnings on Wednesday. Instead, the underperforming holding company reported a net loss of $578 million.
Analyst Troy Mastin of William Blair & Co. said the $584 million in charges that IPG reported is just shy of a company record for any quarter in its history. IPG has recorded nearly $3 billion in charges during the past five years, an IPG rep confirmed, more than half of its market capitalization, which at the close of Friday’s trading stood at $5.3
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