- The stock price of Perion Network Ltd. (NASDAQ: PERI) increased by 16.29%. This is why it happened.
The stock price of Perion Network Ltd. (NASDAQ: PERI) – a global advertising technology company that delivers comprehensive solutions across the three main pillars of digital advertising – ad search, social media, and display / video / CTV – increased by 16.29%. Investors are responding to Perion Network announcing preliminary results for the second quarter of 2021 along with increased guidance for full year 2021 revenues and Adjusted EBITDA.
The new guidance is based on a strong first half of 2021 coupled with a solid revenue pipeline going into the second half of the year. These are the preliminary results:
These are the main highlights:
— Perion’s Hub and Spoke business model which successfully connects both demand and supply sides of the “open internet” is driving efficiencies which improve Adjusted EBITDA margins
— Video ads and CTV are key growth drivers for our year-over-year increase in projected advertising revenue
— Increase in clients’ performance marketing initiatives is driving record search revenues
“Perion’s accelerating growth further validates our diversification strategy and the success of our holistic solutions approach. The key driver of our growth is the strong performance of our advertising business, which outpaced the industry’s organic growth rates, as brands and agencies expand the adoption of our solutions. Our investments in R&D are delivering significant returns and driving Adjusted EBITDA margin expansion. Our strong business visibility into the second half of 2021 gives us the confidence to increase our full-year outlook.”
— Doron Gerstel, Perion’s CEO
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.