- Perion Network Ltd. (NASDAQ: PERI) reported a 51% year-on-year growth in revenue to $118.3 million in the fourth quarter of FY20, above the consensus estimate of $111.48 million.
- Display and social advertising revenues rose 159% to $68.4 million. CTV revenues posted a 132% sequential growth to $6.5 million. Search advertising and other revenues declined 4% to $49.9 million.
- Average Daily Traffic Search grew 32% to 15.7 million. SG&A margin reduced 500 basis points to 13%, and EBITDA rose 26% to $15.3 million.
- Net income rose 56% to $13.8 million, and EPS increased 41% to $0.45, beating the analyst estimate of $0.18.
- Operating cash flow rose 14% to $12.8 million.
- Perion renewed and expanded its partnership with Microsoft Corp's MSFT search engine Bing during the quarter for four more years with $500 million in annual revenue expectations by 2023.
- It also completed an upsized and oversubscribed follow-on public offering in January, generating over $61 million.
- The company expects to generate revenue between $350 and $370 million in FY21, higher the analyst consensus of $353.3 million.
- The EBITDA guidance lies between $35 million and $37 million.
- Price action: PERI shares are trading higher by 10.5% at $23.59 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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