Advertising technology firm Perion Q3 profit jumps, adjusts 2022 estimates

Perion Network

09/11/2022 11:24

JERUSALEM, Nov 9 (Reuters) - Advertising technology firm
Perion Network  PERI.TA   PERI.O  reported on Wednesday a 53%
rise in quarterly profit as advertisers continue to shift to new
ways of targeting customers.
    The Israel-based company earned 61 cents per diluted share
excluding one-time items in the third quarter, up from 40 cents
a share a year earlier. Revenue rose 31% to $158.7 million.
    The company was forecast to earn 44 cents a share excluding
items on revenue of $158 million, according to I/B/E/S data from
Refinitiv.
    Perion narrowed its 2022 outlook to $630 million-$635
million from $620 million-$640 million for annual growth of 32%.
    It also lifted its estimate for 2022 adjusted earnings
before interest, taxes, depreciation and amortisation to more
than $120 million from at least $102 million.
 (Reporting by Steven Scheer; Editing by Jan Harvey)
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