Shares in WPP fell more than 16% after the global advertising group downgraded its full year earnings outlook.
The company, reporting its September quarter results, cut its growth guidance for the full year to -5.5% to -6%, a deterioration from the previous outlook of -3% to -5%.
Cindy Rose, the incoming CEO, takes on a company with shrinking client spend and fading new business.
Rose described as “unacceptable“ September quarter revenue falling 3.5% to £3.259 billion on a like-for-like basis.
WPP shares fell to a 27-year low.
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