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Home Headlines WPP lowers full-year forecast as tech clients curb spending
2023 08 04T061004Z 1 LYNXMPEJ7306K RTROPTP 4 WPP DIVESTITURE BAIN CAPITAL

WPP lowers full-year forecast as tech clients curb spending

by Uma Rajagopal
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WPP lowers full-year forecast as tech clients curb spending

LONDON (Reuters) -WPP, the world’s biggest advertising group, downgraded its full-year like-for-like growth forecast to 1.5-3.0% from 3-5% after lower spending from tech clients caused its revenue in North America to decline in the second quarter.

Chief Executive Mark Read said the group delivered a “resilient” performance in the first half, with growth accelerating in all regions except the United States.

“(The U.S.) was impacted in the second quarter by lower spending from technology clients and some delays in technology-related projects,” he said on Friday.

“China returned to growth in the second quarter albeit more slowly than expected.”

The British company reported a 2.0% rise in like-for-like revenue less pass-through costs to 5.81 billion pounds ($7.39 billion) in the first half.

($1 = 0.7865 pounds)

(Reporting by Paul Sandle; editing by William James)

 

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Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.