Perion Network (NASDAQ & TASE: PERI) Unveils Initial Financial Results for Q1 2024

2 min read | April 08, 2024 11:51 PM PDT | By Team Kalkine Media

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Perion Network (NASDAQ & TASE: PERI) Unveils Initial Financial Results for Q1 2024 — Image source: Pexels.com

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Perion Network Ltd. (NASDAQ & TASE: PERI), a leading technology company facilitating connections between advertisers and consumers across various digital platforms, has released initial financial results for the first quarter of 2024. Additionally, the company has provided updates to its full-year 2024 guidance.

Key highlights of 1QFY24

In the first quarter of 2024, Perion encountered a decline in Search Advertising activity. This downturn can be primarily attributed to adjustments made in advertising pricing and mechanisms by Microsoft Bing within its Search Distribution marketplace. These alterations resulted in a decrease in Revenue Per Thousand Impressions (RPM) not only for Perion but also for other distribution partners of Microsoft Bing. Consequently, these changes had a direct impact on the overall search volume, leading to a reduction in Search Advertising performance during this period.

As a direct consequence of the modifications implemented by Microsoft Bing, Perion anticipates its revenue and adjusted EBITDA for Q1 2024 to be $157 million and $20 million, respectively. Looking ahead to the full year of 2024, the Company has set its expectations for revenue and adjusted EBITDA within the range of $590-$610 million and $78- $82 million, respectively. The decline in revenue is predominantly attributed to the challenges faced in Search Advertising, although web video activity also experienced a minor impact. Despite these setbacks, other key performance indicators across Perion's business portfolio continue to display positive trends.

The adjustments made by Microsoft Bing have significantly impacted the revenue outlook for Perion in the short term. However, the Company remains optimistic about its ability to navigate through these challenges and maintain its overall growth trajectory. With a focus on adapting to evolving market dynamics and leveraging its strengths in digital advertising, Perion is committed to driving sustainable growth and delivering long-term value to its stakeholders.

Moreover, the company informed about increase in its buyback program from $50 million to $75 million. On this development, CEO of Perion commented –

The company shared that it intends to release first quarter 2024 results before the opening of financial market on 8 May 2024.

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