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abrupt resignation from WPP triggered a 6.5% slide in the group’s share price on Monday as investors mulled the uncertain future of the world’s largest advertising business. Sir Martin, who founded WPP 33 years ago, resigned with immediate effect on Saturday amid an investigation into allegations of personal misconduct. Analysts reacted cautiously to the resignation, telling investors there will not be an immediate crisis at WPP. However, they acknowledged that the market had reacted to uncertainty over succession planning at WPP, compounding a performance that has resulted in shares in the group declining by a third over the past year. One of WPP’s largest shareholders, Harris Associates, said it was “regrettable” to have a leadership transition without Sorrell’s involvement. “It highlights the apparent lack of detailed succession planning that has troubled us and many other observers for some time,” Roddy Davidson, an analyst at … [Read more...] about Martin Sorrell’s resignation triggers 6.5% slide in WPP shares

FUMING WhatsApp users are up in arms about the app's latest update. The recent download reportedly drains the battery of some Android phones at lightning pace. OnePlus owners appear to be the worst hit, according to reports appearing on WhatsApp forums and social media. "Unfortunately, since the last update I can't download nor send photos [or] videos," one user wrote on WhatsApp's Google Play Store page."The screen keeps telling me that the media file doesn't exist on this device. Also, the battery drainage has exponentially grown. "When I'm on the road I always need to bring my powerbank to ensure I'm reachable for colleagues when working." Others shared screenshots of their battery usage of Twitter, with some claiming battery life dropped 30% with just half an hour's use of WhatsApp. One OnePlus 5T user wrote: "It really freaks me when I see the battery stats just to know WhatsApp is sucking the battery like anything".WhatsApp has not acknowledged the issue and it remains unclear … [Read more...] about WhatsApp update ‘drains battery’ on Android phones, furious users claim

WPP’s share price plummeted more than 20% in early trading on Thursday after investors were left stunned by a big miss in expected sales and the slashing of its full-year guidance. The City had expected the embattled marketing and advertising group, which is struggling to get back on track after the abrupt departure of its founder and chief executive Sir Martin Sorrell in April, to report 0.3% growth in net sales for the third quarter. Instead, WPP reported a fall of 1.5% after growth of 0.7% in the second quarter. Shares fell to their lowest level since 2012, wiping almost £3bn off the market value of WPP, which lost its mantle last week as the world’s most valuable advertising group to its US rival Omnicom. WPP’s share price rallied later in the day but still closed down almost 14%, at 911p. The company also cut its guidance for full-year net sales, saying they could fall as much as 1%. It had told investors three months ago that sales would grow by 0.3% this … [Read more...] about WPP ‘will not sugarcoat reality’ of sales slump as shares plunge

WPP is no longer the world’s biggest marketing and advertising services group by market capitalisation after the UK company’s stock market value slipped below that of US rival Omnicom for the first time in almost a decade. The London-listed company’s share price has been slashed by a quarter over the past year and is languishing at levels not seen since 2012. The group, which has held the status of the world’s most valuable advertising group since 2011, has seen its stock market value plunge to about £13bn ($17bn) as it faces both internal and external crises. WPP’s chief executive, Mark Read, is struggling to steady the ship after the abrupt departure of its founder, Sir Martin Sorrell. In addition, he is fighting to re-engineer the sprawling group as the digital advertising power of Google and Facebook grows, and advertisers increasingly question the benefits of giving their marketing spend over to traditional global holding companies such as WPP … [Read more...] about WPP no longer world’s most valuable ad firm as share price falls

WPP was the top riser on the FTSE 100 on Friday as it beat City forecasts, sparking investor hopes that a three-year plan to rejuvenate the beleaguered advertising giant is starting to pay off. The company, which has been struggling to recover from a string of client losses after the sudden departure of Sir Martin Sorrell last year, limited its revenue decline to 1.4% in the second quarter. This was less than half the fall expected by City, and the rare bit of good news for investors sent WPP’s shares up more than 7%, outperforming the wider FTSE, which was down 0.3%. WPP’s pre-tax profits slumped 44% to £478m in the first six months, mainly the result of an exceptional gain in the first half of last year and a one-off charge this year, but analysts focused on revenue performance as the key indicator of whether the business is able to recover from its malaise. WPP’s share price hit a six-year low in February. The firm’s chief executive, Mark Read, who took … [Read more...] about WPP shares bounce back as company beats City forecasts