Perion slumps after trimming FY outlook

Perion Network

08/04/2024 13:09

** Perion Network shares  PERI.O  fall 38% to $13.14
premarket after software firm trims FY outlook
    ** If losses hold through open, stock to open at over
three-year low
    ** Co sees FY rev. in range of $590 mln to $610 mln, down
from $860 mln to $880 mln forecast earlier
    ** PERI also trims core annual earnings forecast
    ** Co's preliminary Q1 results show core earnings declined
36% year-on-year
    ** PERI says changes in ad pricing on Microsoft Bing in Q1
hurt search volume and revenue
    ** Co to increase annual share buyback up to $75 mln, from
previously announced up to $50 mln 
    ** Up to last close, stock had fallen 32% YTD

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))