Omnicom Tumbles the Most in Nine Years as Facebook, Google Loom
- Account losses, digital disruption weigh on revenue growth
- Goldman Sachs describes the slump as the worst since recession
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Omnicom Group Inc. suffered its biggest decline in nine years after posting sluggish results, renewing concerns that the ad giant can weather media disruption spurred by the likes of Google and Facebook.
The stock fell as much as 8.8 percent to $71.26 after the New York-based company posted weaker-than-expected revenue growth of 2 percent in the second quarter. Goldman Sachs Group Inc. described the sales slump as the worst growth in North America since the recession, helping send the shares on their sharpest intraday plunge since March 2009.