{"id":44746,"date":"2023-08-05T04:34:23","date_gmt":"2023-08-05T08:34:23","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/ad-agency-wpp-cuts-sales-outlook-over-caution-from-u-s-technology-companies\/"},"modified":"2023-08-05T04:34:25","modified_gmt":"2023-08-05T08:34:25","slug":"ad-agency-wpp-cuts-sales-outlook-over-caution-from-u-s-technology-companies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44746","title":{"rendered":"Ad agency WPP cuts sales outlook over caution from U.S. technology companies"},"content":{"rendered":"
\n

The world\u2019s largest advertising company cut its sales outlook, and put the blame on one sector: U.S. technology companies.<\/p>\n

WPP shares
\n WPP,
\n -3.45%<\/bg-quote><\/p>\n

WPP,
\n -3.57%<\/bg-quote>
\n slumped 7% in London after it cut its sales view for the year, now seeing growth on a comparable basis of between 1.5% and 3%, versus previous guidance of between 3% and 5%. Comparable sales growth was 1.3% in the second quarter and 2% for the first half.<\/p>\n

\n

\u201cThe part of our business where we have seen a shortfall has been in the United States with the gap versus our expectations in the prior year really being focused on technology clients and technology-related projects,\u201d said CEO Mark Read.<\/p>\n

\u201cWe did flag earlier this year that we\u2019ve seen some slowdown in spending from technology clients on marketing, but this accelerated in the second quarter,\u201d he said, according to a transcript of the conference call provided by FactSet. \u201cThe reasons differ by client and actually not all clients are down, but the general trend is one of cost control, focus on margins after a significant slowdown in their own rapid rates of growth, and perhaps a different stage of the innovation cycle.\u201d<\/p>\n

Read said 18% of WPP\u2019s business comes from technology companies.<\/p>\n

He alluded to the interest in generative artificial intelligence that many companies still are trying to incorporate into products and services. \u201cTechnology companies are not entirely clear on what the business model is associated with that,\u201d he said. \u201cI would expect that to revert. But I think that we\u2019re rightly being cautious about the likelihood of that happening in the course of this year.\u201d<\/p>\n

Rivals Interpublic
\n IPG,
\n +2.23%<\/bg-quote>
\n and Omnicom
\n OMC,
\n -0.39%<\/bg-quote>
\n also have flagged tech-company caution.<\/p>\n

Related<\/strong>: Tech stocks look strong, but here\u2019s a sign the sector is actually under a lot of stress<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The world\u2019s largest advertising company cut its sales outlook, and put the blame on one sector: U.S. technology companies. WPP shares WPP, -3.45% WPP, -3.57% slumped 7% in London after it cut its sales view for the year, now seeing growth on a comparable basis of between 1.5% and 3%, versus previous guidance of between […]<\/p>\n","protected":false},"author":1,"featured_media":44747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-44746","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nAd agency WPP cuts sales outlook over caution from U.S. technology companies | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The world\u2019s largest advertising company cut its sales outlook, and put the blame on one sector: U.S. technology companies. 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