NEW YORK (AP) -- Interpublic Group of Cos., a holding company for advertising and marketing agencies, said Thursday second-quarter net income fell 3 percent, hurt by some U.S. account losses in 2011 and the stronger dollar.
Net income beat expectations, but revenue fell short, and shares of Interpublic fell 9 percent in midday trading.
Interpublic, whose agencies include McCann Erickson and Draftfcb, said its net income fell to $99 million, or 22 cents per share. That compares with $101.7 million, or 19 cents per share, last year. Analysts expected 20 cents per share, according to FactSet.
Revenue fell 4 percent to $1.72 billion from $1.74 billion. Analysts expected revenue of $1.75 billion.
The company said account losses, including consumer products maker S.C. Johnson & Son Inc., and the effect of foreign currency translation hurt results.
"The global economic situation remains uncertain, which will require vigilance as we move through the balance of the year," said CEO Michael Roth. But he added the company expects stronger growth in the second half of the year so the company can achieve its goal of 3 percent revenue growth, excluding acquisitions and the effect of foreign currency exchange rates.
Shares fell $1.02, or 9.3 percent, to $9.97 during midday trading. The stock had been up about 13 percent for the year.