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WPP, the holding company that owns agencies including Mediacom, Ogilvy and VMLY&R, reported its fourth quarter earnings today, sharing that its organic revenue fell 6.5%.
Its drop is in line with other holding companies, all of which have reported back-to-back revenue hits since the pandemic started. For the entirety of 2020, WPP’s organic revenue was down 8.2%.
“While revenue was significantly impacted as clients reduced spending, our performance exceeded our own expectations and those of the market throughout the year,” Mark Read, CEO of WPP, said in a statement.
Between the lines
The earnings come as WPP continues its multiyear transformation, which began in 2018 when Read became CEO.