By Chris Wack
Perion Network shares were 13% lower, to $8.49, after the company reported fourth-quarter earnings that missed analysts' expectations.
The advertising-technology company said it had quarterly earnings of $4.9 million, or 11 cents a share, compared with $39.4 million, or 78 cents a share, in the same quarter a year earlier. Analysts polled by FactSet were looking for earnings of $6.6 million, or 14 cents a share.
Revenue for the quarter was $129.6 million, compared with the prior year's $234.2 million and the $130.4 million analysts were expecting.
The Israel-based company said search-advertising revenue dropped 78%, to $25.5 million, from the prior year's $114.4 million, following changes made to Microsoft Bing in 2024.
For 2025, Perion is expecting revenue of $400 million to $420 million, compared with the $468.8 million analysts are expecting.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
February 19, 2025 10:03 ET (15:03 GMT)
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