Advertising group WPP issued its second profit warning of the year, cutting its 2025 outlook after a sharper-than-expected deterioration in client spending during June. The company now forecasts like-for-like revenue less pass-through costs to fall 3% to 5%, compared with previous guidance of flat to a 2% decline, and sees its headline operating margin shrinking by 50 to 175 basis points. The downgrade follows a slide of up to 6% in second-quarter sales and an anticipated 4.2%–4.5% drop in first-half revenue. WPP shares tumbled as much as 16% in London trading, touching their weakest level since the global financial crisis and dragging peer advertising groups lower. Chief Executive Officer Mark Read, who plans to step down at the end of the year after seven years in the role, said macroeconomic uncertainty, weaker net new business and cautious client budgets were weighing on performance. WPP said it will continue restructuring and invest in artificial-intelligence tools while pursuing further cost cuts to protect profitability.