US advertising giant Interpublic Group has suffered a 76% fall in profits for the second quarter of 2009.
IPG, owner of agency networks including Lowe and McCann Erickson, saw profits fall from $88.1 million (£53 million) in Q2 2008 to $20.9 million (£12.6 million).
Organic revenue in the second quarter was down 14.5% year on year to $1.47 billion (£890 million) from $1.84 billion (£1.1 billion).
Revenue from operations outside the US fell by 25.7% year on year to $627.3 million (£379.9 million), while US revenue was down slightly, to $847.1 million (£513 million).
Michael Roth, Interpublic chairman and chief executive, said: “Our second quarter results reflect the impact of the global economic downturn on our industry.
“We have responded to the difficult market conditions with effective cost control across the organisation. We also recently took steps to further strengthen our balance sheet, which positions us to successfully move through the current economic turmoil.”
