Overview

• Perion Network's stock plummeted over 40% after announcing significantly weaker-than-expected preliminary first-quarter 2024 results.
• The company revised its 2024 revenue forecast to $590 million to $610 million, down from an earlier projection of $860 million to $880 million.
• The downward revision was attributed to changes in advertising pricing and mechanisms by Microsoft Bing, impacting search advertising volume.
• Despite the forecast cut, Perion's CEO expressed confidence in the company's position in the digital advertising landscape and announced a $25 million increase in share buyback authorization.
• Investors are advised to consider the company's current situation carefully, with stock analysts not including Perion Network in their top stock picks.