Why Omnicom Stock Plunged Wednesday
Shares of Omnicom (NYSE: OMC) fell by 10.4% on Wednesday, according to data provided by S&P Global Market Intelligence, after the marketing and corporate communications company announced mixed quarterly results and warned of macroeconomic headwinds for the rest of 2023.
More specifically, Omnicom's revenue climbed 1.2% year over year in the second quarter to $3.61 billion, as a 1.5% decline in acquisition revenue was more than offset by 3.4% organic revenue growth. However, that fell slightly short of analysts' consensus estimates for revenue of $3.62 billion.
On the bottom line, Omnicom's adjusted net income climbed by 7.7% to $365 million, or $1.81 per share, beating estimates for adjusted earnings of $1.77 per share.
Source Fool.com
