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By Dhirendra Tripathi
Investing.com – Omnicom (NYSE:OMC) stock was up more than 4% in Tuesday’s premarket trading as higher spending by clients helped it return to profitability in the second quarter.
The advertising, communications and public relations group posted $348.2 million net income in the second quarter compared to a net loss of $24.2 million in the second quarter of 2020. Revenue rose 27% to $3.57 billion.
The improved performance in the second quarter was amplified because of the 2020 corresponding quarter being one of the worst for the group.
Advertising and Omnicom’s solutions for managing customer relationships led the growth in the company’s revenue.
Most of the markets grew in excess of 20% with some like Europe and North America, excluding U.S., growing over 34%-37%%. The U.S. market rose 20%.
The numbers were also positively impacted because of the sale of media specialty business ICOn and a lower tax impact.