Perion Network (NASDAQ:PERI) Stock

Perion Network

Perion Network Ltd is a technology company. It offers online advertising and search solutions to brands, agencies, and publishers through desktop, mobile, and social channels. It connects advertisers to consumers across digital advertising channels, including search advertising, social, display, video, digital audio, digital out of home (DOOH), and Connected TV (CTV) advertising. The company earns prime revenue from search advertising and display advertising services. It operates in the business segment of High Impact Advertising solutions. Geographically, the company generates a majority of its revenue from the United States and the rest from other regions.

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Perion Network reported Q2 FY24 results with revenue down 39% Y/Y to $108.7M, but beating estimates. The company also reiterated guidance.

Perion Network Q2: Retail Media and CTV Bright Spots Amid Overall Weakness

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Shoals Technologies, Affirm Holdings, Apple And Other Big Stocks Moving Higher On Tuesday

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Needham analyst Laura Martin reiterates Perion Network (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) from Hold to Hold.

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Needham Reiterates Hold on Perion Networkto Hold

CMMB: 41% &#x7C; <a href="https://www.benzinga.com//node/43809248">Chemomab Therapeutics shares are trading higher after the company announced the completion of its end-of-phase 2 FDA meeting and alignment on a single Phase 3 registration study for Nebokitug.</a>
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PERI: -17% &#x7C; <a href="https://www.benzinga.com//node/43809121">Perion Network shares are trading lower after the company missed Q4 revenue estimates.</a>

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Perion Network shares are trading lower after the company missed Q4 revenue estimates.

Financial Outlook for Full-Year 20252
2025 guidance reflects our commitment to continue building our Perion One platform while focusing on more profitable technologies and solutions that align with our strategy.
The Company is providing the following full-year 2025 guidance ranges based on current expectations:
<ul>
<li>Revenue of $400 to $420 million</li>
<li>Adjusted EBITDA of $40 to $42 million</li>
<li>Adjusted EBITDA to contribution ex-TAC1 of 22% at the midpoint</li>
</ul>

Perion Network Expects FY25 Revenue Of $400M-$420M Vs $468.77M Est

Earnings Beats

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Perion Network Q4 2024 Adj. EPS $0.33 Beats $0.14 Estimate, Sales $129.577M Miss $130.437M Estimate

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Earnings Scheduled For February 19, 2025

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.perion.com%2F&amp;esheet=54198191&amp;newsitemid=20250203607534&amp;lan=en-US&amp;anchor=Perion+Network+Ltd.&amp;index=1&amp;md5=8d783c5f2576a59f588b271b20b2b592">Perion Network Ltd.</a> (NASDAQ &amp; TASE: <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.nasdaq.com%2Fmarket-activity%2Fstocks%2Fperi&amp;esheet=54198191&amp;newsitemid=20250203607534&amp;lan=en-US&amp;anchor=PERI&amp;index=2&amp;md5=d29c699e86a7667c0308d7968c356311">PERI</a>), a leader in advanced technology solving for the complexities of modern advertising, announced today the launch of its "Perion One" strategy. This strategy will unify the Company's brands and technologies into one advanced platform named "Perion One", further supporting its position as the partner of choice for brands, agencies, and retailers navigating the complexities of modern advertising. The Perion One transformation will harness AI to help solve modern marketing challenges for which a unified solution has never been possible until now, while optimizing the Company's cost structure and setting it up for successful scale in the years to come.
The transformation at Perion extends beyond a new brand and a unified platform, enhancing leadership capabilities with the addition of these exceptional new team members:
<ul>
<li>Stephen Yap,a Google veteran with extensive experience, is the new Chief Revenue Officer and will lead the company's global sales force for advertisers.</li>
<li>Kenny Lau, Undertone's CPO, has been promoted to Perion's new Chief Product Officer. With vast experience from companies such as PubMatic, Criteo, AdTheorent, and more, Lau will lead all of Perion's product innovations.</li>
<li>Mina Naguib, Hivestack's CTO, has been promoted to Perion's new Chief Technology Officer and will oversee all technologies. Mina's experience is rooted in the AdTech industry, being the Chairman of the Prebid.org DOOH Committee and was part of the leading Samsung Ads Architecture team.</li>
<li>Adi Shpak has been promoted to lead Perion's AI Labs and will lead future development on advanced deep learning and AI algorithms under Mina's tech organization.</li>
</ul>

Perion Unifies Ad Tech with "Perion One" AI-Powered Platform

Perion And Experian Team Up To Boost AI-Powered Ad Solutions Across Devices

Needham analyst Laura Martin reiterates Perion Network (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) with a Hold.

Needham Reiterates Hold on Perion Network

Perion Network shares are trading higher after the company reported better-than-expected Q3 financial results.

Perion Reiterates Full-year 2024 Guidance For Revenue Of $490M - $510M, Est $500.546M

Perion Network (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) reported quarterly earnings of $0.23 per share which beat the analyst consensus estimate of $(0.01) by 2400 percent. This is a 72.62 percent decrease over earnings of $0.84 per share from the same period last year. The company reported quarterly sales of $102.20 million which beat the analyst consensus estimate of $100.05 million by 2.15 percent. This is a 44.85 percent decrease over sales of $185.31 million the same period last year.

Perion Network Q3 2024 Adj EPS $0.23 Beats $(0.01) Estimate, Sales $102.20M Beat $100.05M Estimate

Stifel analyst Mark Kelley maintains Perion Network (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) with a Hold and lowers the price target from $9 to $7.5.

Price Target

Stifel Maintains Hold on Perion Network, Lowers Price Target to $7.5

Perion Network Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) shares are trading lower after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b40064138/perion-reports-second-quarter-2024-results" rel="noreferrer noopener">second-quarter&nbsp;FY24 results</a>.
Revenue declined 39% Y/Y to $108.7 million, beating the consensus of $107.0 million.
Retail Media revenue rose 75% Y/Y to $17.6 million, making up 24% of Advertising Solutions revenue. CTV revenue rose 42% Y/Y to $10.2 million, accounting for 14% of Advertising Solutions revenue.
On a pro forma basis, DOOH revenue rose 41% Y/Y to $13.0 million. Also, Open Web Video revenue fell 66% YY and Search Advertising revenue decreased 57% Y/Y.
Average Daily Searches declined 43% Y/Y to 16.3 million, and the average number of Search Advertising publishers decreased by&nbsp;40%&nbsp;to 95.
Adjusted EBITDA tumbled 81% Y/Y to $7.7 million, with adjusted EBITDA to Contribution ex-TAC contracting to 15% from 54%.
Adjusted EPS&nbsp;of $0.26 (-69% Y/Y)&nbsp;exceeded <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus loss of&nbsp;$0.01</a>.
Adjusted Free Cash Flow was negative $11.4 million vs. $47.2 million a year ago. As of June-end, cash and cash equivalents, short-term bank deposits, and marketable securities totaled $407.1 million.
As announced on April 8, Perion&#8217;s Board approved expanding its share repurchase program from $50 million to $75 million.
In the second quarter of 2024, Perion repurchased 2 million shares for approximately $20 million.
Outlook: Perion Network reiterated FY24 revenue at&nbsp;$490 million&nbsp;&#8211;&nbsp;$510 million, vs. consensus of $499.88 million, and <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">adjusted EBITDA of&nbsp;$48 million&nbsp;–&nbsp;$52 million</a>.
Tal Jacobson, Perion&#8217;s CEO, said, &#8220;This quarter, our technology has been extended to run on YouTube CTV, the second-largest CTV platform in the US. Perion&#8217;s ability to help brands reach valuable audiences allowed us to add world-class brands, including Walgreens, Ford, Burger King, and Direct Energy, to our customer roster.&#8221;
&#8220;The acquisition of Hivestack is already bearing fruit and aligns well with our short and long-term strategy. This quarter, the DOOH advertising technology, established through the acquisition of Hivestack in December 2023, showed significant growth of 41%.&#8221;
&#8220;I&#8217;m pleased to announce that effective August 1, 2024, our current CFO, Maoz Sigron, will be promoted to COO.&#8221;
Price Action: PERI shares are down 2.12% at $8.33 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Financial&nbsp;Outlook2
The company is reiterating its previously issued full-year 2024&nbsp;guidance&nbsp;based on current expectations.
FY 2024&nbsp;Guidance
<ul>
<li>Revenue of&nbsp;$490&nbsp;to&nbsp;$510 million</li>
<li>Adjusted EBITDA3&nbsp;of&nbsp;$48&nbsp;to&nbsp;$52 million</li>
<li>Adjusted EBITDA3&nbsp;to contribution ex-TAC3&nbsp;of&nbsp;23%&nbsp;at the midpoint</li>
</ul>

Perion Network Reiterated FY24 Revenue Of $490M - $510M, Est $499.88M

Perion Network Q2 2024 Adj. EPS $0.26 Beats $(0.01) Estimate, Sales $108.691M Beat $106.994M Estimate

Alphabet Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google reversed its long-standing plan to eliminate cookies in its Chrome browser due to industry <a target="_blank" href="https://www.benzinga.com/top-stories/24/07/39895583/google-reverses-course-on-cookie-ban-in-chrome-citing-industry-regulatory-pressure" rel="noreferrer noopener">and regulatory pushback</a>.
Advertisers and publishers use cookies and small text snippets to identify users <a target="_blank" href="https://www.benzinga.com/news/23/12/36252001/google-to-test-feature-restricting-advertisers-cookie-tracking-in-2024" rel="noreferrer noopener">and target ads</a>.
This decision follows objections from digital advertising companies and regulators to Google&#8217;s proposed alternative technologies.
Ad-tech players protested, accusing Google of attempting to strengthen its monopoly in the space and making it more difficult for advertisers to track their ads&#8217; performance.
Instead of eliminating cookies, Google will now prompt Chrome users to decide whether to enable or disable cookies.
This move will keep the internet free and support advertisers relying on cookies to track user data. Websites will continue to display consent boxes for cookies, maintaining the current user experience, CNBC <a target="_blank" href="https://www.cnbc.com/2024/07/23/what-google-decision-to-keep-cookies-means-for-the-internet.html" rel="noreferrer noopener">reports</a>.
Google aims to address industry concerns and maintain advertising effectiveness by keeping cookies. However, regulators like the U.K.&#8217;s Information Commissioner&#8217;s Office expressed disappointment, emphasizing the need for better online privacy protections.
Google&#8217;s decision means that advertisers can continue using valuable data for targeted ads while users have more control over their cookie preferences. Despite this change, the push for greater online privacy remains strong.
Nearly 40.9% of websites worldwide use cookies to collect user data, CNBC cites W3Techs web technology research firm.
Google&#8217;s reversal had a varied impact on ad tech stocks Tuesday. The Trade Desk, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>), Magnite, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGNI#NASDAQ">MGNI</a>), DoubleVerify Holdings, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DV#NYSE">DV</a>), Perion Network Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>), Criteo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRTO#NASDAQ">CRTO</a>), and Outbrain Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OB#NASDAQ">OB</a>) stocks gained close to 1%-2%. Digital Turbine, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APPS#NASDAQ">APPS</a>), PubMatic, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PUBM#NASDAQ">PUBM</a>), and Integral Ad Science Holding Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IAS#NASDAQ">IAS</a>) gained 3%-4%.
Publisher stocks, including New York Times Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYT#NYSE">NYT</a>), News Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWS#NASDAQ">NWS</a>), MarketWise, Inc] (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MKTW#NASDAQ">MKTW</a>), Gannett Co, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GCI#NYSE">GCI</a>), and Scholastic Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCHL#NASDAQ">SCHL</a>), are up following the update.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

U.S. stocks were lower, with the Dow Jones index falling over 250 points on Tuesday.
Shares of Shoals Technologies Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHLS#NASDAQ">SHLS</a>) rose sharply during Monday's session after the company authorized a share repurchase program of up to $150 million and entered into a $25 million accelerated share repurchase agreement with Jefferies.
Shoals Technologies Group shares climbed 10% to $7.49 on Tuesday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul>
<li>Calavo Growers, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CVGW#NASDAQ">CVGW</a>) shares jumped 14.1% to $28.50 after the company reported second-quarter financial results.</li>
<li>Olaplex Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLPX#NASDAQ">OLPX</a>) jumped 8.9% to $1.8350.</li>
<li>Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRBP#NASDAQ">CRBP</a>) gained 8.8% to $47.74. RBC Capital analyst Brian Abrahams maintained Corbus Pharmaceuticals with an Outperform and raised the price target from $77 to $82.</li>
<li>Pharming Group N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PHAR#NASDAQ">PHAR</a>) jumped 7.3% to $8.81.</li>
<li>Perion Network Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) rose 7% to $9.21. Perion Network shares tumbled around 30% on Monday after the company cut its revenue outlook.</li>
<li>AST SpaceMobile, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>) jumped 6.4% to $9.02. AST SpaceMobile filed for resale of up to 10.45 million class A common shares by selling stockholder.</li>
<li>Latam Logistic Properties, S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPA#NYSE">LPA</a>) gained 6.4% to $18.88.</li>
<li>Farmers &amp; Merchants Bancorp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FMAO#NASDAQ">FMAO</a>) rose 5.7% to $23.99.</li>
<li>Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) gained 5.4% to $32.08 after Apple announced Affirm&#8217;s payment products are expected to be available to Apple Pay users in the US later this year.</li>
<li>V.F. Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) gained 4.6% to $13.76. V.F. President and CEO Bracken Darrell bought a total of 75,200 shares at an average price of $13.26.</li>
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) rose 3.4% to $199.70. Apple revealed its plans to integrate Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google Gemini AI model into its Apple Intelligence feature set. Apple also announced Affirm's payment products are expected to be available to Apple Pay users in the U.S. later this year.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/06/39269848/alphabet-to-rally-over-28-here-are-10-top-analyst-forecasts-for-tuesday">Alphabet To Rally Over 28%? Here Are 10 Top Analyst Forecasts For Tuesday</a>

Press Releases

Perion Reports Third Quarter 2024 Results

Perion Network Announces Conference Participation in November - December 2024

Perion Unveils Anyplace TV, Expanding Video & CTV Advertising Solutions Through Programmatic DOOH

Perion Announces Strategic Partnership with a360media to Boost Retail Media Technology for Premium Publishers such as Us Weekly, InTouch, and Life & Style

Perion Announces Collaboration with Experian to Enhance Cross-Channel Targeting and Attribution

Perion Network to Participate in the 27th Annual Needham Growth Conference on January 15th, 2025

Perion Network to Announce Fourth Quarter and Fiscal Year 2024 Financial Results on February 19, 2025

Perion Appoints Google Veteran Stephen Yap as Chief Revenue Officer

Perion Announces Transformational 'Perion One' Strategy, Unifying All of Its Technologies and Brands

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