WPP (LON:WPP) revealed its third quarter revenue fell 9.8% to £2.97 million.
Similar sales fell 5.5% to £2.97 billion, but the decline was smaller than the 11.5% in the second quarter.
“WPP continues to demonstrate resilience in challenging markets. We maintain new business momentum as our clients seek out our creativity and media, technology, data and e-commerce skills,” said Chief Executive Mark Reid.
“This month, Uber continues to lead the new business rankings by participating in a list of key challenge victory, including Alibaba, Dell, HSBC, Intel, Unilever and Whirlpool. It also updates and expands its relationship with the Walgreens Boots Alliance to cover data and technology-driven marketing strategies.
“Given the tightening of COVID restrictions around the world and the uncertainty of global economic outlook, we continue to be cautious about the pace of recovery. It is important that we remain strong financial position and be on track to achieve cost savings towards the top edge of the £700m-800m target.”
WPP said improvements have been seen in North America as clients are back on spending more on media ads.
In a memo, Shore Capital analysts said: “In spite of the continued uncertainty around short-term ad spending, encouraged by the momentum flagged in this morning’s update, it seems like a way that continues to see WPP as a quality business and is being repositioned.”
WPP stocks (LON: WPP) fell 3.25% in Thursday morning trading.
