Omnicom Group slightly exceeded Q3 estimates for revenue and EPS. US revenue increased 7.4%, which is a modest deceleration from the 7.8% rate of the first half of the year (similar to the US slowdown WPP saw in Q3).
Both companies’ results suggest that US advertising spending is weakening, but, as yet, the slowdown is hardly severe. We did not begin to see real economic problems until August, halfway through the quarter, so it’s possible that the current environment may be weaker than OMC’s Q3 results suggest. The company’s commentary about Q4 will therefore be important.
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