Perion Network Ltd PERI reported third-quarter FY23 revenue growth of 17% year-on-year to $185.31 million, beating the consensus of $184.36 million.
The digital advertising company's adjusted EPS of $0.84 beat the consensus of $0.63.
Display Advertising revenues rose 14% Y/Y to $99.2 million, primarily from Retail and CTV revenue growth.
Search Advertising revenue increased 20% Y/Y to $86.1 million due to a 16% increase in publishers and an 86% increase in average daily searches.
Adjusted EBITDA margin expanded to 55% of revenue, excluding traffic acquisition costs, compared to 51% in 2022.
Perion Network generated $40.1 million in operating cash flow and held $523.6 million in cash and equivalents.
CEO Tal Jacobson flagged that Retail Media solutions are tracking to exceed Perion's annual revenue goal for 2023 significantly.
FY23 Outlook: Perion reiterated revenue of $730 million - $750 million versus the consensus of $741.29 million.
PERI also maintained Adjusted EBITDA to Contribution Ex-TAC of 54%.
The stock has lost 18.5% last month.
Price Action: PERI shares traded higher by 7.68% at $27.35 premarket on the last check Wednesday.
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