(Bloomberg) -- French advertising giant Publicis Groupe SA raised its annual organic revenue growth guidance for 2024, even as it warned of challenging economic conditions in the current quarter.
The Paris-based firm said Thursday that it now sees full-year organic growth of at least 5.5%, up from a previous forecast of 5%. That’s in spite of broader economic conditions that are weighing on ad spending, Chief Executive Officer Arthur Sadoun said on a call with reporters. Sadoun added that an unstable geopolitical environment also presents a risk to his company’s business.
Sadoun said the group spent roughly $500 million each for influencer marketing platform Influential in July and for commerce marketing company Mars United Commerce last month. Publicis had not previously commented on the terms of the two deals.
The firm also posted net revenue of €3.42 billion ($3.7 billion) for the third quarter, just below a Bloomberg-compiled estimate of €3.44 billion.
©2024 Bloomberg L.P.