By Liz Moyer

Investing.com — Omnicom Group Inc (NYSE:) shares fell more than 9% on growing worry about the market for digital advertising after social media platform Snap warned it will fall short of guidance for the second quarter.

At a JPMorgan conference on Tuesday, Omnicom’s CEO John Wren said the environment is “challenging. It’s more challenging in different ways than at prior times.”

Wren said that clients haven’t walked away from marketing budgets despite high inflation, which has led to many companies freezing or slowing down their hiring plans as well making adjustments to reduce expenses.

“We think the U.S. is still going to get through this, and we haven’t seen any pullback from our clients,” Wren said, according to a transcript of his appearance at the conference.

Snap and other social media platforms that rely on digital advertising were trading down after Snap’s warning. Snap Inc Stocks in (NYSE) fell nearly 42% on Tuesday.