• by Joe Mandese , July 9, 2025

The share price of WPP's stock tumbled in intraday trading Wednesday morning after the beleaguered U.K.-based agency holding company reported "tougher macro" conditions and "weaker new business conditions" in its first-half update to investors.

"Since the start of the year, we have faced a challenging trading environment with macro pressures intensifying and lower net new business," CEO Mark Read stated, adding: "While we expected the second quarter to be similar to the first quarter, performance in June was worse than anticipated and we expect this pattern of trading in the first half to continue into the second half.

"As a result, we are updating our guidance for the full year and reducing our expectations on [like-for-like] revenue less pass-through costs growth to -3% to -5% (from flat to -2%) with a year-on-year decline in headline operating profit margin."

The news and the stock price hit come as WPP's shares have already fallen nearly 40% since the start of a year that has included big client losses and management instability, including Read's recent announcement that he will step down at year-end and that a search for a new CEO has begun.