WPP Cuts Sales Growth Forecast as Clients Slash Spending
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WPP Plc, the largest advertising company, slashed its full-year sales growth target for the second time in two months as clients in North America and Europe cut spending. The stock dropped as much as 5.2 percent.
Revenue growth for the year, excluding the effect of currency fluctuations and acquisitions, will be 2.5 percent to 3 percent, down from an earlier forecast of about 3.5 percent, the company said in a statement today.