Perion slides after slashing 2024 revenue forecast on Microsoft...
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작성자 Ines Coomes 댓글 0건 조회 77회 작성일 24-06-10 23:41본문
By Jaspreet Singh
April 8 (Reuters) - Perion Network's U.S.-listed shares plunged more than 35% on Monday, after the Israeli ad tech firm cut its annual revenue forecast, driven by a drop in search advertising due to changes at Microsoft's Bing.
The company now expects 2024 revenue in the range of $590 million to $610 million, against its prior expectation of $860 million to $880 million.
Changes in ad pricing and other mechanisms by Microsoft Bing in its search distribution led to a decline in search advertising activity, Perion said on Monday.
"The revenue concentration with Microsoft has always been a risk with investing in Perion," said Eric Martinuzzi, an analyst at Lake Street Capital Markets.
"Microsoft advertising unilaterally changed the amount it was willing to pay 100% Working Greentree For Sale - buymetavcc.com indirectly sourced search traffic by all of its search partners..... that's what's causing the reset for Perion."
Microsoft accounted for 35% of its revenue in 2022, according to Perion's annual report. The agreement was renewed in 2020.
Perion estimated first-quarter revenue of $157 million, compared with Wall Street estimates of $175.5 million, according to six analysts polled by LSEG.
The company's stock was down $13.30 in early trading.
They are down about 32% so far this year, pressured by competition from Big Tech firms including Alphabet's Google and Facebook-parent Meta Platforms.
Perion expects to announce its first-quarter results on May 8. (Reporting by Jaspreet Singh in Bengaluru; Editing by Mrigank Dhaniwala and Sriraj Kalluvila)
April 8 (Reuters) - Perion Network's U.S.-listed shares plunged more than 35% on Monday, after the Israeli ad tech firm cut its annual revenue forecast, driven by a drop in search advertising due to changes at Microsoft's Bing.
The company now expects 2024 revenue in the range of $590 million to $610 million, against its prior expectation of $860 million to $880 million.
Changes in ad pricing and other mechanisms by Microsoft Bing in its search distribution led to a decline in search advertising activity, Perion said on Monday.
"The revenue concentration with Microsoft has always been a risk with investing in Perion," said Eric Martinuzzi, an analyst at Lake Street Capital Markets.
"Microsoft advertising unilaterally changed the amount it was willing to pay 100% Working Greentree For Sale - buymetavcc.com indirectly sourced search traffic by all of its search partners..... that's what's causing the reset for Perion."
Microsoft accounted for 35% of its revenue in 2022, according to Perion's annual report. The agreement was renewed in 2020.
Perion estimated first-quarter revenue of $157 million, compared with Wall Street estimates of $175.5 million, according to six analysts polled by LSEG.
The company's stock was down $13.30 in early trading.
They are down about 32% so far this year, pressured by competition from Big Tech firms including Alphabet's Google and Facebook-parent Meta Platforms.
Perion expects to announce its first-quarter results on May 8. (Reporting by Jaspreet Singh in Bengaluru; Editing by Mrigank Dhaniwala and Sriraj Kalluvila)
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