Interpublic Group profit falls along with revenue

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New York—Advertising holding company Interpublic Group of Cos. saw its third-quarter profit fall 47% from the year-earlier period to $24.1 million.

Reflecting the global recession and falloff in advertising budgets, Interpublic's revenue fell 18% to $1.43 billion. Revenue declined 13% in the U.S. and 24% elsewhere.

Interpublic is the parent company of agencies Draftfcb and McCann-Erickson.

The last two weeks have seen depressed earnings reports from other agency holding companies, with Publicis Groupe this week reporting a 7.4% decline in third-quarter revenue, and Omnicom Group last week citing a quarterly revenue decline of 23%

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