IPG reports $2.50 billion as revenue for first quarter of 2024

IPG reported $2.50 billion as revenue for first quarter of 2024 compared to $2.52 billion in the first quarter of 2023.The organic increase of net revenue was 1.3 percent from the first quarter of 2023. The net income reported was $110.4 million.

Philippe Krakowsky, CEO of IPG said, “The first quarter results we are reporting today represent a solid start to the year, and are consistent with our 2024 targets. Our data and tech driven media offerings, healthcare marketing, and PR capabilities continued to perform strongly, driving our growth. Marketer sentiment has begun to improve relative to the back half of last year, and the new business pipeline is more active.

“We continue to enhance our offerings, further embedding precision and performance into our integrated, full-funnel media solutions, including our suite of Unified Retail Media services, which deliver cross-platform planning and optimization for a range of clients. We are also progressing in the integration of technologies such as Generative AI into the core of our marketing services capabilities, notably through our recently-announced partnership with Adobe, which speeds content ideation, creation, production and activation. By deploying proprietary best-in-class Acxiom data and identity products into our enterprise-wide marketing engine, we can create a more accurate picture of consumers and deeper connections with brands, all in the service of helping marketers drive growth and achieve business outcomes.

“At this point, with our smallest seasonal quarter complete, we continue to expect to achieve full-year organic growth of 1-2%, although a recent decision by a significant ongoing client will adversely impact the balance of this year and likely make achieving the top end of that target more challenging. With growth in that range, we continue to expect to deliver adjusted EBITA margin of 16.6% for the full year. The strength of our balance sheet positions us well to deliver on our long-standing commitment to capital returns and also augment our offerings and asset mix with M&A, with a particular focus on further broadening our commerce and digital transformation capabilities.”