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

Perion Network

10/06/2024 14:48

(Updates)
    ** U.S.-listed shares of Israeli ad-tech firm Perion Network
 PERI.O  fall 27.4% to $8.94 in early trading
    ** PERI cuts revenue forecast for second quarter, ending in
June, to a range of $106 mln and $108 mln, compared with prior
forecast of $118 mln and $122 mln
    ** Company now expects Q2 adj. EBITDA between $6.5 mln and
$7.5 mln vs its prior expectations of $10 mln to $12 mln 
    ** PERI also cuts FY24 revenue forecast to 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
    ** 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))