Publicis Groupe suspends financial guidance

Q1 2020 revenue will be published on April 23 before the market opens.

Publicis CEO Arthur Sadoun
Publicis CEO Arthur Sadoun

Publicis Groupe has decided not to give any financial guidance until further notice, citing an uncertain, volatile and unprecedented economic situation as a result of the global COVID-19 crisis. 

"As industry peers and other media companies have already communicated, it is difficult to accurately predict the evolution of advertising and marketing spend," Publicis said in a press statement.

The group did indicate, however, that its revenue at end of February was in line with its 2020 roadmap. Publicis' Q1 revenue will be published on April 23, before the market opens.

The move follows Interpublic's decision Thursday to withdraw its 2020 full-year financial target amid economic uncertainty.

Publicis' statement reiterated that management is focused on the safety and well-being of its people, noting that 95% of its talent around the world are able to work from home to support the company's clients.

It also underlined the group's message last week that it would continue to protect all stakeholders’ interests and "rigorously manage all costs, particularly during this period."

This week, Publicis chairman and chief executive Arthur Sadoun dismissed rumors that the buisness was planning a series of job cuts in the coming days. 

Publicis reported net revenue in 2019 was up 9.3%, with a 2.3% decline in organic growth.

A version of this story first appeared on Campaign Asia-Pacific

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