UK broadcaster ITV expects net advertising revenue (NAR) on its channels to fall 7% in the run-up to Christmas as advertisers have become increasingly cautious about the UK economy.
"In recent weeks the political and economic uncertainty has increased and we are currently seeing more cautious behaviour by advertisers," it said today.
The free-to-air commercial broadcaster said the advertising market had already worsened in the third quarter - down 4% from a flat performance in the first six months of the year - and NAR would fall by 3% this year.
It said it expected earnings for the year to be broadly flat.
Analysts at Citi said a 20% drop in ITV's share price in the past couple of months reflected falling expectations, and they cut their earnings per share (EPS) forecast by 2%.
ITV said its studios production business, which makes shows including "Victoria", "Poldark" and "Cold Feet", was performing strongly and was helping reduce its reliance on advertising.
Revenue from sources other than advertising rose 15% in the first nine months, it said, and total revenue was up 5% to £2.16 billion.
ITV said last month it would cut 120 jobs to trim costs, helping it navigate uncertainty after the Brexit vote.
In July, Virgin Media said it was buying UTV Ireland from ITV for €10m in a deal that unites UTV Ireland with TV3 under the same ownership.
