Omnicom Stock Gains After Earnings Revenue Beat
By Sam Boughedda
Investing.com -- Media company Omnicom Group Inc (NYSE: OMC ) reported earnings for its latest quarter after the close Tuesday, beating Wall Street estimates.
The company announced earnings per share of $1.39 on revenue of $3.41 billion. Analysts polled by Investing.com anticipated EPS of $1.31 on revenue of $3.28 billion.
Omnicom said its revenue in the first quarter continued to improve from the negative effects of the pandemic. However, it decreased by 0.5% from the first quarter of 2021.
Global economic challenges, including the impact of the war in Ukraine, the COVID-19 pandemic, rising inflation, and supply-chain disruptions, could cause economic uncertainty and volatility, the company said, adding that there can be "no assurance as to the effectiveness of its efforts to mitigate any impact of the current and future adverse economic conditions."
Omnicom stock rallied Wednesday, hitting a high of $87.50. At the time of writing, it is trading around the $85.40 mark, up 5.67%.
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