Perion Network rises on upbeat Q1 results

Perion Network

06/05/2020 13:55

** U.S.-listed shares of Israel-based technology firm
 PERI.O  jump ~12% to $5.25 premarket after posting upbeat Q1
earnings; stock set for best day in nearly seven months
    ** PERI posts Q1 profit of $0.17 on revenue of $66.1 mln vs
Refinitiv est for profit of $0.03 on revenue of $65.87 mln 
    ** Beats rev est. for the fourth straight qtr, outpaces
profit est. for the sixth consecutive qtr - Refinitiv data
    ** Q1 rev jumps 23%, primarily due to rise in unique
searches and additional new publishers; also boosted by 28%
surge in advertising revenue  urn:newsml:reuters.com:*:nBw1KbswQa
    ** Co withdraws 2020 outlook due to disruption in
advertising market and lack of visibility caused by COVID-19
    ** Also, files a shelf registration statement of up to $55
mln to assess M&A opportunities as they become available; in
addition, selling shareholders may offer, sell up to 5.1 mln
shares from time to time in one or more offering  urn:newsml:reuters.com:*:nFWN2CO0GL
    ** 2 of 3 brokerages rate the stock "buy"; their median PT
is $10
    ** Stock down 24.6% this year, as of last close

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