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Placing the blame squarely on the global economic downturn, Interpublic Group today said it suffered a 38 percent Q4 drop in net income to $129.4 million on an 8.2 percent organic revenue decrease to $1.8 billion, compared to the same quarter in 2008.
Organic revenue excludes fluctuations in exchange rates, the impact of acquisitions and other factors.
The performance beat analysts’ expectations, as the average revenue projection for IPG’s Q4 was about $1.74 billion, per Thomson Reuters.
For full-year 2009, the holding company’s revenue fell 10.8
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