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Advertising Giant WPP’s Shares Plunge 18% As Economic Uncertainty, AI Threat Dim Forecasts
Shares in London-based advertising giant WPP plunged 18%, stoking anxiety about the ad business as it battles economic jitters and the rise of AI.
CEO Mark Read, who has said he will step down before the end of the year, told analysts on a conference call that the lowered profit forecast reflected the impact of several client losses along with economic uncertainty. Evan Spiegel, CEO of Snap Inc., was asked in a CNBC interview from the Allen & Co. conference in Sun Valley, ID about the tumble for WPP shares and what it means for all advertising stakeholders. When Snap reported quarterly results last spring amid the confusion about President Trump’s tariff rollout, it cited “macro headwinds” hitting its ad business.
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