WPP reported a 6.7% drop in like‑for‑like revenue less pass‑through costs during the first quarter, reflecting a broader downturn across its core units.

The U.K. advertising giant’s decline follows a series of client losses and a recent leadership change, prompting a strategic pivot to stabilize earnings.

Investors will scrutinize how the group’s cost‑cutting and client‑retention plans affect future cash flows. The slump signals that the agency sector remains fragile amid shifting media spending.

The data underscores that even established players face pressure when advertising budgets tighten, forcing a re‑evaluation of growth strategies.