What Recession? WPP and IPG Report Earnings

By Joe Ciarallo Comment

We reported earlier this week about how the “big three” holding companies in the ad/pr/marcom world would do this earnings season. Well, it’s turning out they all did pretty well.

We already know that Omnicom reported a 12.9% net income gain, and numbers are looking good for both WPP and IPG, both of whom reported today.

WPP announced a revenue growth of 5%, but still warned that a “‘slowdown'” although not a recession, would probably be hard to avoid in 2009 as a new US government might cut spending.”

Meanwhile, Interpublic Group reported, “net income of $178.4 million, or 31 cents a share, up from $69.1 million, or 11 cents a share, a year earlier.”

Not at all doom and gloom, but “cautiously optimistic” could be an appropriate description.