Oct
25
WPP Cuts Growth Forecast As Clients Slash Spending
Posted in: Uncategorized
WPP, the world’s largest ad holding firm by revenue, slashed its full-year sales growth target for the second time in two months as clients in North America and Europe cut spending.
The announcement led to stock dropping as much as 5.2%.
Revenue growth for the year, excluding the effect of currency fluctuations and acquisitions, will be 2.5% to 3%, down from an earlier forecast of about 3.5%, the company said in a statement today. That comes on the heels of WPP’s announcement in late August that it was reducing its growth forecast from 4%.
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