Perion Network gains on upbeat Q2 prelim earnings, FY21 outlook

Perion Network

28/06/2021 13:17

** U.S.-listed shares of Israeli company Perion  PERI.O ,
which provides advertisement engagement and monetization
applications for web and mobile, rise 11.47% to $20.8 premarket 
    ** Co posts preliminary Q2 adj EBITDA of $13.5 mln on rev of
$105 mln, much higher than Refinitiv est for adj EBITDA of $9.06
mln on rev of $95.86 mln  urn:newsml:reuters.com:*:nBwbvjC2na
    ** Key driver of our growth is strong performance of our
advertising business, which outpaced industry's organic growth
rates, as brands and agencies expand adoption of our solutions -
CEO Doron Gerstel
    ** PERI also raises its FY21 forecast for adj EBITDA
forecast of $49 mln-$51 mln on rev of $410 mln-$430 mln, topping
Street expectations
    ** Co to report Q2 earnings on June 30 before market opens
    ** About 52,495 shares have traded so far premarket, ~10.7%
of their 30-DMA vol
    ** Four of 5 brokerages rate stock "buy" or higher, and 1
"hold"; their median PT is $28 - Refinitiv data
    ** As of last close, stock up 46.6% YTD

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))