Perion Network Cuts FY24 Revenue Forecast From $590M - $610M To $490M - $510M, Est $601.005M
Portfolio Pulse from Benzinga Newsdesk
Perion Network has reduced its FY24 revenue forecast from $590M-$610M to $490M-$510M, significantly below the estimated $601.005M. This adjustment follows Microsoft's decision to exclude several publishers, including Perion, from its Bing search distribution marketplace, impacting Perion's Search Advertising business.
June 10, 2024 | 11:09 am
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Perion Network has revised its FY24 revenue forecast downwards to $490M-$510M from $590M-$610M, due to Microsoft's decision to exclude several publishers, including Perion, from its Bing search distribution marketplace. This will significantly impact Perion's Search Advertising business.
The exclusion from Microsoft's Bing search distribution marketplace directly impacts Perion's Search Advertising business, leading to a significant reduction in their revenue forecast. This is likely to negatively affect Perion's stock price in the short term.
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