Interpublic faces moderate ad spending amid the conflict in the Middle East

Growing tensions in the Middle East have clouded growth prospects for the advertising group, which in February flagged that the Israel-Hamas conflict would impact its business. Interpublic - which also owns McCann, Mediabrands and MullenLowe - reported revenue of $2.18 billion for the first quarter, in line with market expectations according to LSEG data. Revenue from its "all other markets" segment, which includes Canada, Africa and the Middle East, fell 6.5% in the quarter, while Asia-Pacific saw a 8.1% drop in the same period.

Interpublic reported sharp revenue drops in some of its international markets on Wednesday, including the Middle East, as geopolitical uncertainty weighs on advertisement budgets. Growing tensions in the Middle East have clouded growth prospects for the advertising group, which in February flagged that the Israel-Hamas conflict would impact its business. Interpublic - which also owns McCann, Mediabrands and MullenLowe - reported revenue of $2.18 billion for the first quarter, in line with market expectations according to LSEG data.