Perion Network Stock Tumbles Following Drastic 2024 Forecast Cut
The Israeli ad tech firm Perion Network slashed its annual revenue forecast after changes by Microsoft Bing adversely affected its search advertising revenue.
- 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.
CNA 