MDC Partners Inc.’s MDCA -29.20% shares plunged 33% after the advertising company reported disappointing first quarter earnings and downgraded its full-year guidance. “The start of 2018 has been challenging,” said Scott Kauffman, MDCs chief executive. The New York ad firm, which owns agencies such as Crispin Porter+Bogusky and 72andSunny, reported a net loss of $29.4 million for the first quarter. It is “no longer realistic” for the company to reach 4% organic growth, added Mr. Kauffman. An investor in the company, Leon Cooperman of hedge fund Omega Advisors, signaled his frustration on MDC’s call Wednesday evening with analysts and investors.

Source: Wall Street Journal May 10, 2018 17:26 UTC