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Why Perion Network Stock Plummeted Today

April 9, 2024
in General
Why Perion Network Stock Plummeted Today
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Shares of Perion Network (NASDAQ: PERI) plummeted more than 40% on Monday after the digital advertising products and services company announced far weaker-than-expected preliminary first-quarter 2024 results. Perion also reduced its full-year outlook.

On Perion’s slow start to the new year

In a press release this morning, Perion said it expects first-quarter 2024 revenue to be $157 million, up 8% year over year — far below Wall Street’s models for revenue of $175.5 million, or growth of nearly 21%. Perion also said that adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter will be down 36% year over year to $20 million.

Perion blamed its relative underperformance in Q1 on “changes in advertising pricing and mechanisms implemented by Microsoft Bing in its Search Distribution marketplace,” which hurt search advertising volume and (to a lesser extent) web video activity.

Perion CEO Tal Jacobson insisted that the company’s relationship with Microsoft “remains strong,” adding that the two companies are exploring additional opportunities for collaboration “on a variety of digital advertising solutions.”

What’s next for Perion Network investors?

In the meantime, however, Perion also reduced its full-year guidance to call for 2024 revenue of $590 million to $610 million — down 19% year over year at the midpoint of the range. Perion’s previous outlook, provided in early February, called for revenue in the range of $860 million to $880 million, or growth of 17% year over year at the midpoint.

Perion Network also reduced its outlook for 2024 adjusted EBITDA to be in the range of $78 million to $82 million, down from previous guidance for a range of $178 million to $182 million.

Jacobson added that Perion’s management and board of directors approved a $25 million increase to their existing share buyback authorization — reflecting their confidence “that Perion is competitively well positioned for continued success in the digital advertising landscape.”

But in the end, that’s little consolation for investors given the gravity of Perion’s 2024 guidance reduction. It’s hardly surprising to see the stock falling so hard in response.

Should you invest $1,000 in Perion Network right now?

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Steve Symington has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Microsoft. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Nasdaq – https://www.nasdaq.com/articles/why-perion-network-stock-plummeted-today

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