Interpublic Group Profits Up Sharply
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Driven by increased ad spending by financial services and Internet companies, the Interpublic Group of Companies Inc. posted second-quarter profits up 18 percent.
Net income for the world's second largest advertising company rose to $139.4 million, or 49 cents a share, from $118.5 million, or 42 cents, a year earlier. New York-based Interpublic's revenue rose 10 percent, to $1.13 billion from $1.03 billion. Interpublic owns McCann- Erickson WorldGroup, Ammirati Puris Lintas and Lowe Group.
"There are four big areas that are growing: financial services, computers, telecommunications and Internet. As they are growing, we are growing," Vice Chairman and Chief Financial Officer Eugene Beard told Bloomberg News.
Beard said the company's new business grew 80 percent over last year, as it added Micron Technology Inc., Loews Corp. and Dell Computer Corp. as new customers and new products from Johnson & Johnson and Danish toymaker Lego.