Perion Network's stock drops 40% due to reduced guidance from lower search advertising revenue due to Bing's pricing changes.
Perion Network Ltd. (NASDAQ: PERI) stock plunged 40% after the company announced lower guidance due to a drop in search advertising driven by changes at Microsoft's Bing in advertising pricing and mechanisms. Perion now expects Q1 2024 revenue and adjusted EBITDA of $157 million and $20 million, respectively, and the company's full-year 2024 revenue is expected to be $590-$610 million, down from $860-$880 million. The decline is primarily attributed to a drop in search advertising activity.
April 08, 2024
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