WPP Reports Narrowing Revenue Decline in Third Quarter
WPP reported a 2.1% decline in third-quarter like-for-like revenue, signaling a slowing downturn as the company executes its corporate turnaround plan.
WPP plc reported a narrowing decline in third-quarter like-for-like revenue, stating that its corporate turnaround plan remains on track. Revenue less pass-through costs totaled £2.411 billion, a 2.1% decline that represents an improvement over the 2.8% drop recorded in the second quarter.
CEO Cindy Rose highlighted the renewal of long-standing partnerships with The Coca-Cola Company and DoorDash as evidence of the group's commercial momentum. The company reiterated its full-year guidance, projecting a headline operating margin between 12% and 13%.
For the second half of the year, WPP expects a low to mid-single digit decline in like-for-like revenue less pass-through costs. Shares of the advertising group have increased 14% since the start of the year.
