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Feb 22, 10:05 AM
WPP US Sales Continue to Slow, Profits Collapse; Stock Down 3.0%
Economics
Business

WPP US Sales Continue to Slow, Profits Collapse; Stock Down 3.0%

Authors
  • Reuters
  • Bloomberg
  • Financial Times
6

WPP, a leading advertising giant, reported that sales in the US continued to slow last quarter, attributing the decline to reduced advertising spending by its US clients. The British group is undergoing a restructuring of its agencies to cut costs in response to the challenging market conditions. Despite the slowdown, WPP expressed optimism regarding the future, citing signs of optimism among key U.S. clients. The company is also looking towards artificial intelligence (AI) to enhance its bottom line, following a significant collapse in advertising giant’s profits attributed to decreased spending by tech giants. The decline in WPP's performance, with its stock down 3.0% pre-market, is part of a broader trend, with other companies like Hargreaves Lansdown also reporting profits drop due to increased staff and technology costs.

Written with ChatGPT (GPT-4).

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