WPP says Olympics, US election income disappoints
LONDON -- WPP PLC, the world's largest advertising group, has lowered its full-year outlook after not doing as well as expected from the Olympics, the U.S. presidential campaign and the European soccer championships.
Shares opened 5 percent lower at 768.3 pence in London as the company said Thursday that expected revenue growth between 2.5 percent and 3 percent for the year, down from the 3.5 percent target it set in August.
Third-quarter revenue was up 1.6 percent to 2.5 billion pounds ($4 billion). The company did not disclose earnings in the trading update.
WPP said the three big events did support growth but not as much as expected, with money often switched from existing budgets, "particularly in the cases of the UEFA Championships and Olympics."