Y&R net up 61% as client spending grows

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New York -- Young & Rubicam's first-quarter net income rose 61.6% as growth in client spending in North America and Europe boosted earnings. Profit for the period rose to $19.7 million, or 24 cents per fully diluted share, from $12.2 million, or 19 cents per share in the same period a year earlier. Y&R, like most major advertising companies, has benefited from continued economic strength in the U.S. and much of Europe. With ad spending expected to grow worldwide through 2000, analysts have been raising earnings forecasts for the entire advertising industry.
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