Perion Network Ltd PERI shares are trading lower on Wednesday in the premarket session as the full-year 2024 forecast fell short of estimates.
The company reported fourth-quarter revenues of $234.23 million, up 12% year over year. Revenues beat Wall Street’s estimate of $233.08 million.
Average Daily Searches increased by 37% year-over-year to 30.2 million in the quarter under review. The number of Search Advertising publishers increased by 4% year-over-year.
Retail Media revenue increased 196% year-over-year to $20.2 million. CTV revenue increased 69% year-over-year to $14.4 million.
Video revenue decreased 33% year-over-year, driven by shifting inventory from video to display to gain higher profit.
The company reported fourth-quarter adjusted EPS of $1.04, beating the consensus of 82 cents.
Operating cash flow in the fourth quarter of 2023 was $50.2 million, a 32% increase from the year-ago period.
As of December 31, 2023, cash and cash equivalents, short-term bank deposits and marketable securities amounted to $472.7 million.
Outlook: For FY24, the company expects revenue of $860 million-$880 million (estimate: $887.17 million) and adjusted EBITDA of $178 million-$182 million.
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Price Action: PERI shares are trading lower by 12.15% to $25.89 in the premarket session on Wednesday.
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