Perion Network Stock Jumps On Q1 Earnings Beat, Raised FY21 Guidance

Perion Network Ltd PERI reported first-quarter FY21 revenue growth of 36% year-on-year to $89.8 million, beating analyst consensus of $86.18 million.
Display and Social Advertising revenues rose 61% to $38.1 million, while Search Advertising and other revenues rose 22% to $51.7 million.
Average daily searches rose 45% to 17.7 million. CTV solution helped grow the average deal size by 11%.
Non-GAAP net income rose 41% to $7 million, and the Non-GAAP EPS of $0.19 beat analyst consensus of $0.14.
Adjusted EBITDA rose 41% to $8.8 million, signifying a 100 basis points margin expansion to 10%.
The company generated $13.5 million in operating cash flow, and it held $128 million in cash and equivalents.
Guidance: Perion raised FY21 revenue outlook from $370 million to $380 million range previously, to $390 million to $410 million, higher the analyst consensus of $375.56 million. Adjusted EBITDA guidance was raised from the previous $37 million to $38 million prior, to $39 million to $41 million.
Price action: PERI shares traded higher by 2.16% at $18 in the premarket session on the last check Tuesday.