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WPP has adopted a gloomier profit and sales forecast due to a deteriorating Q2 financial performance triggered by weak client spending as companies cope with the challenging economic backdrop.
CEO Mark Read, who has announced plans to leave WPP after a 30-year career, projects a 5.5 percent to 6 percent plunge in Q2 like-for-like revenues less pass-through costs.
He had anticipated Q2 performance similar to Q1, but June results were worse than expected. WPP expects that same lackluster activity to continue during the second half of the year.
First half revenues are projected to fall between 4.2 percent and 4.5 percent to about $7B.
Read said his “focus remains on ensuring the right balance between investing in the business for the long-term and continuing to reduce structural costs, while taking appropriate actions to respond to the current trading environment.”
WPP will release first half financials on August 7.
Public Policy Holding Company registered 23.8 percent Q3 growth to $48.8M, with organic growth contributing 4.5 percent and the balance driven by merger & acquisition activity.
Publicis Groupe reported 3.1 percent in Q3 growth to $4B, sparked by a 3.6 percent jump North America, its biggest market.
WPP suffered a 10.2 percent drop in 1H revenues to $6.7B and a 47.8 percent plunge in operating profit to $297M.
Interpublic reported Q2 net revenues dropped 6.6 percent to $2.2B and operating income tumbled 23.4 percent to $243.7M. 
FTI Consulting handles the reorganization of Wolfspeed Inc. as the Durham, NC-based semiconductor company moves to slash its debt load.
