![]() ![]() ![]() ![]() WPP’s shares fell 7 per cent in early morning trading in London. “There’s no doubt that we were taken a little bit by surprise by cuts in spending by our technology clients and some reduction in technology project spend that’s primarily been in the US,” said Mark Read, WPP’s chief executive. US revenues fell 4.5 per cent in the second quarter, the only region to register negative growth. WPP, which counts Silicon Valley giants including Meta, Google and Microsoft among its clients, was hit by a 4.9 per cent year-on-year drop in revenues from the tech sector in the first half of the year. London-listed WPP predicted earlier in the year that it would defy macroeconomic turmoil with annual growth of between 3 and 5 per cent, but on Friday it cut its like-for-like growth forecast to between 1.5 and 3 per cent. A slump in advertising spending by US technology groups has forced WPP, the world’s biggest ad agency, to slash its annual revenue forecast as the effects of the tech downturn ripple out. ![]()
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