Interpublic’s stock sinks toward 1-year low after profit miss, as tech and telecom activity remain weak

Shares of Interpublic Group of Companies Inc. IPG sank 5.4% toward a one-year low in premarket trading Friday, after the marketing services company missed third-quarter profit expectations, citing continued weakness among technology and telecommunications customers. Net income fell to $243.7 million, or 63 cents a share, from $251.8 million, or 64 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 70 cents missed the FactSet consensus of 73 cents. Revenue grew 1.5% to $2.68 billion to top the FactSet consensus of $2.39 billion, as billable expenses jumped 8.2% to $369.5…