Perion Network Ltd (PERI)

Perion Network (PERI) stock plummeted by 40.93%, driven by its lower-than-expected preliminary first-quarter earnings results and adjusted 2024 financial outlook.

• Prelimilary first-quarter results: Despite posting a year-over-year revenue increase to $157 million, below Wall Street's estimate of $175.53 million, the company's stock suffered due to challenges in Microsoft's Bing search distribution marketplace affecting its Search Advertising activity.
• Financial Impact and Outlook: For fiscal year 2024, Perion anticipates revenue and adjusted EBITDA in the range of $590 million to $610 million ** and **$78 million to $82 million, respectively, falling short of earlier forecasts and indicating a significant impact from changes in Microsoft Bing's advertising pricing and mechanisms.

Perion Network (PERI) shares fell 7.14% to $31.75 after an analyst, Andrew Marok of Raymond James, downgraded the rating from Outperform to Market Perform due to concerns raised by Spruce Point Management about the company's business model.

https://beststocks.com/perion-network-nasdaq-peri-faces-downgrade-fr/

Perion Network Ltd. Stock (PERI) dropped by 6.21% from $31.78 to $30.30 in the trading on Tuesday May 23, 2023. The reason why PERI stock down today is due to short report from Spruce Point. The report raises concerns about Perion's reliance on its partnership with Microsoft and a decline in revenue per search. Spruce Point issued a "strong sell" rating on Perion (PERI). However, Perion responded to the report, reaffirming its commitment to compliance and shareholder value.