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Omnicom beats quarterly revenue estimates on advertising heft

(Reuters) - Omnicom Group beat market estimates for fourth-quarter revenue on Tuesday, helped by strong demand for its advertising and marketing services during the holiday season.

The company, one of the world's biggest integrated advertising and communications firms, has benefited from enterprises spending on its services even as they faced pressures from higher interest rates.

"Looking out to full year 2024, we are set up well with solid fundamentals, tremendous opportunities in digital commerce and retail media," CEO John Wren said in an earnings release.

Omnicom's revenue rose 5% to $4.06 billion in the quarter ended Dec. 31, versus LSEG estimates of $3.99 billion.

Tech heavyweight Meta Platforms, which derives a large chunk of its revenue from ad sales, also beat estimates for fourth-quarter revenue.

Excluding items, Omnicom earned $2.20 per share, compared with analysts' average estimate of $2.16 per share.

The company competes with the Interpublic Group of Companies and UK's WPP.

(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Shilpi Majumdar)