MediaPost reported WPP CEO Cindy Rose displayed the art of PR—propagandistic revisionism—during a 3Q earnings call.
WPP posted a “smaller decline” in the third quarter, which sorta sounds like things are not as shitty as previous quarters—but it’s still a shitshow.
WPP Media provided the least smelliness in the shit pile by recording a 0.3% gain year over year. Um, that’s closer to 0% than even 1%, no?
Meanwhile, WPP Creative was down 5.1%, meaning the guy recruited to replace the outgoing WPP Creative CEO inherited a shitstorm.
To summarize, Rose appears to be containing fires burning in the global flaming dumpster.
WPP Posts Smaller Decline In Q3 As Media Enters Positive Territory
By Steve McClellan
WPP posted a net organic revenue decline of 2.1% for the third quarter, a sequential improvement over the previous quarter.
One of the brighter notes for the period: WPP Media returned to growth, albeit a slight 0.3% gain year over year.
On an earnings call Thursday CEO Cindy Rose noted that it was the first quarter of growth for the firm’s media division since 2024.
The company’s full-year outlook remains unchanged. The organic revenue decline for the second half of the year will be low to mid-single digits with Q4 “toward the better end of his range.” The first quarter shortfall was 6.7% while Q2 was off 2.8%.
“We continue to make progress, and I’m encouraged by our momentum,” Rose stated on the call, adding that the company as a whole is on track to return to growth in 2027, per the goals of its three-year turnaround plan which extends through 2028.
WPP Production also grew in the quarter—up 2.5%—while creative operations were down 5.1%.
All regions declined: North America, -1.8%; Europe Middle East & Asia, -1.7%, Asia Pacific, -4.3% and Latin America, -1.2%.
But Rose asserted that the company had succeeded in stabilizing its business, as evidenced by a number of big new business wins and retentions including the global marketing assignment for The Coca-Cola Company. Other significant wins included DoorDash, Nestle, Uber and Waymo.
Rose asserted that clients have reacted positively toward the company’s integration efforts. “We’re showing up as one entity without individual agency constraints,” she said.
One analyst on the call noted that the Coca-Cola retention excluded the North America media business, which went to Omnicom in a separate pitch. Rose responded that the company made the “tough call” not to pursue that piece of business and instead focus on the comprehensive work it will do for the company throughout the rest of the world.
The firm said it was on track to save $100 million in costs this year, which will be reinvested in company services. It will save another $150 million in cost cuts next year, said company CFO Joanne Wilson, who previously announced she is stepping down next year to take the CFO spot at spirits marketer Diageo. The search for her replacement is underway.
Commenting on the results, marketing advisory firm Madison & Wall said, “taken together, the quarter shows stabilization that is now visible in media, but not yet in creative, which at 48% of net revenue is the larger of the two. Comparisons remain easy through the end of the year, indicating a sustained return to growth will depend on whether Creative can follow Media.”
Company shares were up modestly (+1.4%) in early afternoon trading following the release of Q3 results.
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