Israel's Perion Network falls after trimming annual and Q2 forecasts

Perion Network

10/06/2024 12:27

** U.S.-listed shares of Israeli ad-tech firm Perion Network
 PERI.O  down 20.9% at $9.74 premarket
    ** PERI cuts Q2 revenue forecast to range of $106 mln and
$108 mln, compared with prior outlook of $118 mln-$122 mln
    ** Co now expects Q2 adj. EBITDA between $6.5 mln and $7.5
mln vs its prior expectations of $10 mln-$12 mln 
    ** PERI also cuts FY24 revenue forecast between $490 mln and
$510 mln, vs its prior expectations of $590 mln-$610 mln
    ** "The recent changes Microsoft Bing implemented to its
Search distribution marketplace ... significantly impacted our
Search Advertising business," Perion CEO Tal Jacobson says
    ** Microsoft did not immediately respond to a Reuters
request for comment
    ** Up to last close, stock down ~60% this year

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))