Impairment Charge Sees Publicis Stock Slump
Publicis shares fell to the bottom of the Paris market on Thursday after the world's third-largest advertising group revealed a heavy write-down on its digital business.
Publicis (PUBGY) shares fell to the bottom of the Paris market on Thursday after the world's third-largest advertising group revealed a heavy write-down on its digital business.
Shares in the owner of Saatchi & Saatchi fell nearly 5% in the opening hour of trading to change hands at €60.05 each in Paris, making it the biggest decliner on the CAC 40.
Publicis said it would take an impairment charge of €1.39 billion ($1.49 billion) for its digital business, leading the company to a net loss of €527 million for 2016. In November, Publicis merged its digital division Razorfish with SapientNitro to create SapientRazorfish.
