Signaling that the ad recession hasn't yet ended, The Interpublic Group of
Cos. -- one of the largest agency holding companies in the world -- reported a 15
percent drop in revenue to $1.42 billion for the first quarter of 2002.
Operating income fell 9 percent to $140 million.
"We expected that first-half revenue would remain challenged and that profits
would therefore be achieved largely by means of cost and improved financial
discipline," IPG chairman and CEO John Dooner said.
On the positive side, Dooner reported that IPG had a big quarter for net new
business, which totaled $745 miillon.
New accounts included American Airlines, Revlon Inc., Sony Corp. and WorldCom Inc.