By Matt Grossman

WPP on Tuesday suspended a planned GBP950 million share buyback program and suspended its proposed final 2019 dividend of 37.3 pence to preserve cash amid the coronavirus pandemic.

The global advertising company also withdrew its earnings guidance for 2020, citing uncertainty from Covid-19.

WPP said that activity has begun to decline in March after a strong start to the year in markets other than China. In response, the company has frozen hiring, halted discretionary spending and postponed planned raises for its workers.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

March 31, 2020 07:45 ET (11:45 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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