Perion Network (NASDAQ:PERI) stock is falling on Monday following the release of its preliminary first-quarter earnings results.
The digital advertising solutions company expects revenue for the quarter to be $157 million. That is well below Wall Street’s revenue estimate of $175.53 million, even though it’s an 8% increase year-over-year from $145.2 million.
Perion Network notes that changes to Microsoft’s (NASDAQ:MSFT) Bing’s search distribution marketplace harmed its revenue, resulting in a decrease in Search Advertising activity.
Tal Jacobson, CEO of Perion Network, attempted to boost investor morale with a stock buyback update:
“Management and our Board of Directors are confident that Perion is competitively well positioned for continued success within the digital advertising landscape, and thus approved an increase to our buyback program from $50 million to up to $75 million, capitalizing on our strong cash position.”
PERI Stock Outlook
Unfortunately, Perion Network’s updated fiscal 2024 guidance isn’t helping its stock out today. The company now expects revenue for the year to range from $590 million to $610 million. That’s down from its prior estimate of $860 million to $880 million. It will also miss Wall Street’s estimate of $868.39 million for the year.
PERI stock is down 39% as of Monday morning.
Investors will find more stock market news worth reading about below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
