Economics
WPP Falls Most in 8 Years After Projecting Slower Growth
- 2017 revenue on like-for-like basis to grow about 2%, WPP says
- Ad giant says North America, U.K. business slowed last quarter
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WPP Plc had its biggest drop since the financial crisis eight years ago after saying business cooled last quarter in the U.K. and North America, the ad giant’s largest market, and reporting a slow start to 2017.
The company assumed an increase of about 2 percent for revenue this year on a like-for-like basis when setting its budget, “given continued tepid economic growth and recent weaker comparative net new business trends,” according to a statement Friday from London-based WPP, the world’s largest advertising company. Revenue on a like-for-like basis expanded 3 percent last year.