A near fifty-eight percent plunge in net global income was reported yesterday by New York-headquartered Grey Global Group, with earnings declining in the second quarter from $5.7 million to $2.4m. The half-year results were no better with net income declining by 75% from $10.9m to $2.7m.
Revenues, however, were slightly up, achieving a 3% rise to $314m for the quarter and 4% for the half-year to $619m. Gross billings for Q2 rose 3% to $2.1 billion.
According to Grey, its hangdog results indicated “weak business conditions” in the advertising industry, plus “pronounced weakness in operations servicing technology-related and telecom sector clients”.
News source: AdWeek.com