The company reported net revenue of $2.33 billion missing the consensus of $2.39 billion. 

Including billable expenses, revenue stood at $2.67 billion in the quarter. Organic revenue was down 1.7% Y/Y in the quarter.

Adjusted EBITA (before restructuring charges) fell to $330.2 million from $370.1 million a year ago, with margins contracting to 14.2% from 15.6% in the prior-year quarter.

Adjusted EPS of $0.74 exceeded the consensus of $0.60.  

As of June 30, 2023, cash and cash equivalents stood at $1.63 billion.

In H1 2023, IPG repurchased 3.5 million shares worth $128.0 million.

Philippe Krakowsky, CEO, said, "During the second quarter, we saw the same puts-and-takes on revenue that we have identified and discussed since the beginning of the year. Notably, among our client sectors, tech continued to weigh significantly on growth. In addition, modestly heightened macro uncertainty impacted certain of our specialty assets and traditional consumer agencies."

Price Action: IPG shares are down 10.8% at $33.83 on the last check Friday.