Why Perion Network Shares Are Gaining Today

Perion Network Ltd PERI shares are trading higher Thursday morning following preliminary results for Q2 2023. 

The company expects to report revenues of $176.0 million (+20% Y/Y) vs. consensus of $169.88 million and adjusted EBITDA of $40.0 million (+40% Y/Y), with adjusted EBITDA-to-revenue of 23% (vs 19% in Q2 2022).  

"Both the second quarter and first six months highlight the power of our executional agility, underlying technological innovation and market fit. Our diversified and scalable business model has allowed us to capitalize on recent positive market indications, resulting in improved margins and market share gains," said Tal Jacobson, Perion's incoming CEO. 

The company will announce Q2 2023 financial results and an updated annual outlook on August 2, 2023.

In May 2023, PERI reported first-quarter FY23 revenue growth of 16% year-on-year to $145.15 million, beating the consensus of $141.33 million and non-GAAP EPS of $0.60, exceeding the consensus of $0.43.

Also Read: Perion Network Unfazed By Spruce Point Capital's Short Report: 'We Will Not Be Distracted'

Price Action: PERI shares traded higher by 8.68% at $33.56 premarket on the last check Thursday.