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WPP cuts revenue forecast as US spending slows

Ad agency lowers guidance as tech companies reduce marketing spend

Advertising agency WPP has cut its annual revenue forecast as US tech clients scale back their spending.

London-listed WPP said on Friday that it expects revenues to grow between 1.5 per cent and 3 per cent, lower than a previous range of 3 per cent to 5 per cent.

The gloomier outlook from WPP echoes that of rival agencies in recent weeks as companies prune their marketing budgets. The company singled out a slowdown in the US, which had offset an upswing in China.

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