Publicis Tumbles as Revenue Shortfall Jolts Madison Avenue
- Company sees ‘bumpy ride’ in first quarter with ongoing drop
- Shares in peers WPP, Omnicom, Interpublic also fall sharply
Photographer: Tony Eccles/Moment Open via Getty Images
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Publicis Groupe SA is setting off alarm bells on Madison Avenue as the ad industry’s earnings season gets under way.
The French owner of Saatchi & Saatchi and Leo Burnett Worldwide suffered a surprise drop in fourth-quarter sales, blaming cuts in ad spending by consumer brands in the U.S. So-called organic revenue fell 0.3 percent in the quarter, missing the 2.5 percent gain that analysts had expected, according to a company-compiled consensus.