The big advertising and marketing firm said revenue was down 7% to $3.37 billion--and virtually all of that drop is attributed to the stronger U.S. dollar, which is affecting its global business. Net profit dropped from $313 million in 2007 to $271 million in 2008. U.S. domestic revenue was down 4.7% to $1.76 billion, while international revenue sank 9.5% to $1.6 billion.
Revenues from traditional advertising business slipped 7.6% during the period, with its public relations business taking a steeper tumble: down 10.2%. But other specialty services proved to have a rougher going: down 15.3%.
The start of the year for Omnicom was much better. Overall, worldwide revenue for 2008 increased 5.2% to $13.5 billion--U.S. domestic revenue was up 2.8% to $6.9 billion, and international revenue climbed 8.0% to $6.5 billion.
Such movement hammered the stock--along with general stock market drubbing on Tuesday. Omnicom's stock was down over 2% to $27.50 in midday trading.