Omnicom

(OMC) - Get Report

, the world's largest ad holding company, had strong revenue for the past quarter and exceeded earnings targets on the strength of its clients' global advertising spending.

The owner of agency networks, including DDB Worldwide, DDBO and media-buyer OMD, said revenue grew nearly 8% to $2.4 billion. The company said U.S. revenue rose 8% to $1.3 billion.

It said quarterly profit rose 11% this past quarter to $150.5 million, or 82 cents per share, from $135.6 million, or 72 cents per share, during the same period the year before. Analysts polled by Thompson First Call had pegged quarterly earnings per share at 80 cents on revenue of $2.45 billion.

On Tuesday, Omnicom dropped 54 cents to $85.16.