Stagwell (STGW) said Wednesday it is targeting $5 billion in annual revenue by the end of 2029 and planning $80 million to $100 million in cost reductions.
Ahead of a virtual investor day, the marketing services company said it aims to achieve its revenue target without expanding debt ratios and expects cost savings from AI-based efficiencies, with $60 million to $70 million in reductions completed by the end of 2025. Stagwell named John Kahan as its first chief AI officer.
Stagwell also said it also plans to simplify its capital structure by converting all Class C shares into Class A stock and reorganizing its business units to align with client demand.
Stagwell reaffirmed its 2025 guidance, projecting about 8% net revenue growth and adjusted earnings of $0.75 to $0.88 per share. Analysts polled by FactSet expect adjusted EPS of $0.84.
Shares of the company were up 2.2% in recent premarket activity.
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