Shares plunge 25% to record low as firm revises revenue forecasts again and warns of more job losses
The veteran advertising boss Sir Martin Sorrell’s digital marketing group S4 Capital has cut 500 jobs in the face of a plunge in spending from clients fearful of an impending recession.
Shares in the company, founded after his acrimonious departure from the advertising company WPP in 2018, fell by 25% to a record low, stripping almost £150m off its market value after it said it expected revenues to shrink and profit margins to narrow.
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