Young & Rubicam
, New York, reported second-quarter revenue rose 7.7% over a year ago to $372.1 million, while revenue for the first six months of 1998 rose 11.9% to $720.3 million. The company showed a net loss of $149.8 million for the quarter and $137.6 million for the first half, vs. net income of $13.5 million for the second quarter of 1997 and $17.6 million for the first half of '97. Y&R
said the losses were due to $174.3 million in charges related to its May 15 IPO.
On the day of the announcement, Y&R's stock closed up one-eighth despite the 299-point drop in the market as a whole.