WPP Earnings: Higher Exposure to Tech Clients and Lack of a Simple Solution Pitch Affecting Growth

WPP reported another disappointing quarter, unlike two of its largest competitors, Publicis and Omnicom. Like IPG, WPP’s higher exposure to technology clients, the largest of which have cut their advertising and marketing spending, drove organic net revenue down. We expect most firms in that sector to increase their spending in 2024.