NEW YORK (
) -- Advertising company
said its fourth-quarter earnings were hurt by the recession, but that economic conditions appear to have stabilized.
Interpublic said Friday clients are beginning to re-focus on their brands, and the tone of the business is one of cautious optimism. The company said its competitive agencies and disciplined financial management will help improve profitability in 2010.
Fourth-quarter net income was $129.4 million, or 24 cents a share, compared with net income of $209.8 million, or 39 cents a share, a year earlier. The company's fourth-quarter revenue dropped to $1.8 billion from $1.9 billion the previous year as organic revenue decreased, reflecting the impact of the recession.
The Wall Street consensus estimate for the fourth quarter was 24 cents a share on revenue of $1.75 billion.
-- Reported by Andrea Tse in New York
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