(Bloomberg) -- S4 Capital Plc, the digital advertising agency run by industry veteran Martin Sorrell, fell as much as 30% on Monday to a record low after reporting disappointing sales figures and cutting its full-year guidance for the second time in two months.

S4 Chief Financial Officer Mary Basterfield told investors on Monday that several of the big tech companies that the boutique agency focuses on have grown “more cautious” in recent months. 

Ad agencies have been hit by a recent pullback in spending from large technology firms, which have slowed from pandemic-fueled growth. Still, the damage has hit Sorrell’s company particularly hard. The stock, down 65% since the start of 2023, fell 30% to 67.05 pence in London trading at 3:06 p.m. 

By comparison, Sorrell’s old firm, WPP Plc has fallen 8.7% this year. Omnicom Group Inc. has declined 6.4%. Shares of France’s Publicis Groupe SA have gained 21% during 2023.

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