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WPP Cuts Full-Year Sales Forecast on Client Spending

WPP Plc, the world’s biggest advertising agency, cut its full-year sales growth forecast as clients in North America and continental Europe reduced spending. The stock dropped the most since October 2011.

Sales excluding the impact of acquisitions and currency fluctuations will grow “close to 3.5 percent” this year versus an earlier forecast of 4 percent, the owner of the Ogilvy & Mather and Grey Group ad agencies said in a statement today.