0720 GMT - WPP's second-quarter performance was better than expected, Bernstein's Annick Maas and Christophe Cherblanc say in a research note. The half-year results from the U.K. advertising group are marked by a smaller-than-expected decline in like-for-like revenues less pass-through costs of 2.8%, Bernstein says. That said, WPP's decline compares with organic growth from peers Publicis Groupe and Havas, the analysts say. WPP's full-year guidance implies a deceleration in the second half, which is explained by severance payments and the timing effects of net new business intake, they add. Shares jump 15%.
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