Economics
WPP Shares Slump as Ad Giant Cuts Forecast on Weak Spending
- World’s biggest ad firm may show no revenue growth for 2017
- Clients led by consumer-product firms re-evaluate budgets
WPP Shares Tumble Amid Forecast Concerns
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WPP Plc shares had their biggest drop in 17 years after the world’s largest advertising company cut its full-year revenue forecast amid lower spending by customers, in particular consumer-goods manufacturers.
The stock fell as much as 13 percent after WPP said like-for-like revenue growth is expected to be between zero and 1 percent in 2017. That’s down from an earlier 2 percent forecast.