Perion Reports Strong Q1 Growth, Navigates New Microsoft Bing Ad Pricing Successfully
Portfolio Pulse from Anusuya Lahiri
Perion Network Ltd (NASDAQ:PERI) reported a 9% year-over-year increase in Q1 2024 revenues to $157.82 million, surpassing Wall Street's expectations. Adjusted EPS was $0.44, beating estimates of $0.23. The company saw a 20% increase in average daily searches and significant growth in Retail Media and CTV revenues, though video revenue declined by 52%. Operating cash flow decreased compared to the previous year, but the company maintains a strong cash position. Perion's outlook for Q2 and the full fiscal year remains positive, despite a slight decrease in share price.
May 08, 2024 | 6:08 pm
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Perion Network Ltd reported strong Q1 2024 results with revenue and EPS exceeding expectations, alongside significant growth in key areas despite a decrease in video revenue. The company's positive outlook for Q2 and the fiscal year, combined with a robust cash position, underscores its resilience and strategic positioning.
Perion's strong Q1 performance and positive future outlook, despite a slight decrease in share price, indicate a bullish sentiment for the short term. The company's ability to navigate changes in advertising pricing and mechanisms, particularly with Microsoft Bing, along with significant growth in Retail Media and CTV revenues, positions it well for continued success. However, the decrease in video revenue and operating cash flow may warrant monitoring.
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