Perion Network Ltd. (PERI) Plummets After Company Reveals Decline in Search Advertising Activity, Slashes 2024 Revenue Outlook By ~30% – Hagens Berman
SAN FRANCISCO, April 08, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Perion Network Ltd. (NASDAQ: PERI) investors who suffered substantial losses to submit your losses now .
- SAN FRANCISCO, April 08, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Perion Network Ltd. (NASDAQ: PERI) investors who suffered substantial losses to submit your losses now .
- 8, 2024, the price of Perion shares cratered nearly 40% after the company announced preliminary Q1 2024 revenue results of $157 million and slashed its previous FY 2024 revenue outlook given only 2 months ago by a whopping 30% to approximately $590 - $610 million.
- This represents an approximate year-over-year decline in revenues of between $153 - $133 million, or about a 20% - 18% decline from FY 2023 revenues.
- 8, 2024 the company blamed its revenue revisions on ad pricing and other mechanisms implemented by Microsoft Bing in its Search Distribution marketplace and said it saw a decline in its Search Advertising activity during Q1 2024.