Omnicom (OMC) Dives on Dismal Q2 Earnings, Merger with Interpublic

We recently published These 10 Stocks Just Lost Their Spark. Omnicom Group Inc. (NYSE:OMC) is one of the worst-performing companies on Thursday.

Omnicom Group dropped its share prices by 4.31 percent on Thursday to end at $70.86 apiece as investors unloaded portfolios following dismal earnings performance in the second quarter of the year.

In its financial statement, Omnicom Group Inc. (NYSE:OMC) said net income during the period declined by 21.5 percent to $257.6 million from $328.1 million in the same period last year. Revenues, on the other hand, inched up by 4.2 percent to $4.015 billion from $3.853 billion year-on-year.

On the same day, Omnicom Group Inc. (NYSE:OMC) and Interpublic Group of Companies Inc. (NYSE:IPG) announced securing the green light of Australia’s anti-competition watchdog for their planned merger.

In a statement on Thursday, Interpublic Group of Companies Inc. (NYSE:IPG) announced that the Australian Competition and Consumer Commission (ACCC) has officially granted clearance for Omnicom Group Inc.’s (NYSE:OMC) to acquire IPG.

The approval brings the total number of antitrust approvals to 14 out of the 18 required for closing. The companies said they remain on track to complete the transaction in the second half of 2025.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.