
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.
Sources
Open Outcrier$WPP (-3.0% pre) WPP Sales Slow in North America Amid Declining Tech Ad Spending - BBG https://t.co/DRM9f8AQDu
MarketWatchWPP looks to AI to boost bottom line following collapse in advertising giant’s profits https://t.co/DVR0YgprfP
The StandardAd giant WPP sees profit slump as tech giants slash spending https://t.co/b7xkPuNVw9
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