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By Dhirendra Tripathi
Investing.com – Publicis stock (PA:PUBP) traded 3% higher in Paris as the advertising giant raised its annual forecast again after all its markets grew in double-digits in the third quarter.
The company said organic growth for the year is now seen in the 8.5%-9% range compared to the 7% as per previous forecast. Operating margin is expected to top 17%. The company upgraded guidance for all its key performance indicators.
The fresh guidance comes as corporate profits have expanded, allowing companies to increase their discretionary spending to attract more consumers.
Publicis’ U.S., Europe and Asia markets all grew between 10% and 12.5% in the third quarter. This was owing to large and prestigious client wins like Walmart (NYSE:WMT), Ferrero, Planet Fitness (NYSE:PLNT) and TD Bank (TSX:TD).
“Q3 has been a busy quarter," the company said.
Publicis’ net revenue in the third quarter was 2.62 billion euro ($3.03 billion), up 12% on-year.
Compared to 2019, while organic growth in Europe and Latin America was flat, North America, Asia Pacific and Middle East and Africa grew. In the U.S., both digital and traditional media expanded.