By Gurjit Degun
Omnicom’s global organic revenue plummeted 23% in the second quarter of the year, showing the major impact that the coronavirus pandemic has had on the business.
The company, which owns the DDB and BBDO ad networks, reported revenue of $2.8bn (£2.4bn) for the three months to 30 June, down 25% year on year on a reported basis.
Operating profit plunged 89% to $62.5m, compared with $573.7m in the same period last year.
The world’s second-biggest agency group ran up some one-off costs, including $150m in severance costs, as it cut 6,100 jobs.
The group previously said it employed about 70,000 people at the end of 2019.
Omnicom’s advertising bus
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