WPP: shares soar after positive guidance, earnings beat
(CercleFinance.com) - WPP shares are soaring today after the British advertising company gave a positive 2019 outlook and reported 2018 earnings that topped expectations.
The stock is surging 6.5% at 879.2 pence in morning trading on Friday, with 1.8 million shares having so far changed hands.
WPP said that its 2018 results are at the upper end of its guidance given in October, with notably like-for-like revenue less pass-through costs down just 0.4%.
In the fourth quarter, like-for-like revenue revenue less pass-through costs was down 0.7%, an improvement over the third quarter of -1.5%, driven by Europe.
The company said it expects like-for-like revenue less pass-through costs to fall by 1.5% to 2% in 2019, due to client losses last year.
Headline operating margin is expected to drop around 1 point on a constant currency basis, which is better than analysts expected.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The stock is surging 6.5% at 879.2 pence in morning trading on Friday, with 1.8 million shares having so far changed hands.
WPP said that its 2018 results are at the upper end of its guidance given in October, with notably like-for-like revenue less pass-through costs down just 0.4%.
In the fourth quarter, like-for-like revenue revenue less pass-through costs was down 0.7%, an improvement over the third quarter of -1.5%, driven by Europe.
The company said it expects like-for-like revenue less pass-through costs to fall by 1.5% to 2% in 2019, due to client losses last year.
Headline operating margin is expected to drop around 1 point on a constant currency basis, which is better than analysts expected.
Copyright (c) 2019 CercleFinance.com. All rights reserved.