WPP PLC (LSE:WPP) shares fell 12.8% in early trading on Thursday after the advertising group published third-quarter results that confirmed a recent performance that new chief executive Cindy Rose said was "unacceptable".
Revenue for the third quarter of 2025 came in at £3.3 billion, down 8.4% compared to last year on a reported basis and down 3.5% like-for-like.
Revenue less pass-through costs fell 5.9% on a LFL basis to £2.6 billion, worsening from the 4.3% decline in the first half, with the Media arm seeing lower levels of business than the second quarter.
Based on LFL revenue less pass-through costs falling 4.8% in the nine months of the year so far, Rose expects a full-year decline of 5.5% to 6.0%, with a headline operating profit margin of around 13%.
Rose, who was poached from Microsoft in July, said: "I acknowledge that our recent performance is unacceptable and we are taking action to address this."
She said a strategic review was underway, focused on four core principles: simplifying and integrating the client offering using data, enhancing execution and culture, expanding into new markets, and strengthening financial performance.
Rose also promised "a disciplined approach to capital allocation with a focus on cost efficiency and maintaining a strong balance sheet while prioritising the parts of our business where we can deliver the greatest shareholder value".
Full details will be shared early in the new year.