Financial Data and Key Metrics Changes - Revenue for Q2 2024 was $108.7 million, a decrease of 39% year-over-year [47] - Adjusted EBITDA amounted to $7.7 million, a decrease of 81% year-over-year, resulting in a 7% adjusted EBITDA margin [47] - GAAP net loss was $6.2 million, compared to a net income of $21.4 million in Q2 2023 [49] - Non-GAAP net income was $13.4 million, a year-over-year decrease of 68% [49] - Operating cash flow for Q2 was negative $20.5 million, compared to $47.4 million in the same period last year [90] Business Line Data and Key Metrics Changes - CTV business grew by 42% year-over-year to $10.2 million, representing 14% of advertising solutions revenue [6] - Digital out-of-home revenue grew by 41% year-over-year to $13 million, representing 18% of advertising solutions revenue [6][48] - Retail media vertical increased 75% year-over-year to $17.6 million, significantly outpacing the expected market growth of 26% [48] - Search advertising revenue was $34.3 million, a decrease of 57% year-over-year due to changes in Microsoft's advertising pricing mechanisms [89] Market Data and Key Metrics Changes - The global digital advertising market is expected to reach $700 billion in 2024 and grow to over $900 billion within three years [40] - The expected market growth for digital out-of-home is 11% in 2024, while the company achieved 41% growth [6] Company Strategy and Development Direction - The company aims to leverage its strong cash position to capture market share in the digital advertising market [5] - The focus is on integrating various advertising solutions to provide a holistic experience for brands [42] - The company is transitioning from being viewed as an advertising company to a technology company, emphasizing technological solutions [67] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges due to changes in Microsoft's search distribution marketplace, which significantly impacted the search business [46] - The company expects to stabilize around current revenue levels and aims for sustainable profitable growth in the coming years [34][91] - Management expressed confidence in the company's ability to navigate challenges and leverage technological advantages [58] Other Important Information - The company made significant changes in its executive team, with Maoz Sigron promoted to Chief Operating Officer and Elad Tzubery promoted to Chief Financial Officer [45][62] - The company executed a $20 million share buyback program during the quarter [61] Q&A Session Summary Question: Is the take rate the right pricing model or should the company pivot to an agency-type model? - Management clarified that the company does not view itself as an agency but as a technological layer that connects advertisers and agencies [67] Question: What are the M&A goals given the current stock performance and cash flow situation? - Management stated that they are focused on acquiring profitable companies that align with their technology strategy [71] Question: Can you provide more detail on the retail media business and its components? - Management confirmed that their retail media solutions are omni-channel, integrating various advertising platforms [75] Question: What factors contributed to the decline in open web video revenue? - Management indicated that the decline was primarily due to market dynamics and internal adjustments, including the impact of ContentIQ [34][66] Question: What are the expectations for cash generation in the second half of 2024? - Management expects to generate positive cash flow and is focused on cash generation strategies [31][71]

Perion Network (PERI) came out with quarterly earnings of $0.26 per share, beating the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.84 per share a year ago. These figures are adjusted for non-recurring items. Perion Network, which belongs to the Zacks Internet - Content industry, posted revenues of $108.69 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.60%. This compares to year-ago revenues of $178.47 million. The company has topped con ...

Core Viewpoint - Perion Network is implementing layoffs to streamline operations due to a significant reduction in revenue from its partnership with Microsoft, which has changed its advertising revenue model for the Bing search engine [2][5]. Group 1: Layoffs and Workforce Impact - Perion Network is cutting 35 jobs from its Israeli search division, which represents 15% of its workforce in that country [5]. - The layoffs are part of a broader trend as companies respond to increased inflation and high interest rates by reducing costs [3]. Group 2: Revenue Changes - Prior to Microsoft's changes, a substantial portion of Perion Network's revenue was derived from its collaboration with Microsoft, but this now accounts for less than 5% of the company's revenue [2]. - The changes in Microsoft's advertising strategy have had a ripple effect, impacting not only Perion Network but also other Bing search partners [3]. Group 3: Market Reaction - Following the announcement of layoffs, Perion Network's stock (PERI) saw a slight increase of close to 1% [6].

NEW YORK, June 17, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Perion Network Ltd. (NASDAQ: PERI) between February 9, 2021 and April 5, 2024, both dates inclusive (the "Class Period"), of the important June 17, 2024 lead plaintiff deadline. SO WHAT: If you purchased Perion common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. ...

https://securitiesclasslaw.com/securities/perion-network-loss-submission-form/?id=85479&from=4 ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) Perion's search advertising business was not a reliable and significant growth driver and was in fact in decline; (2) Perion's long-term relationship with Microsoft and search services agreement would not provide stability for Perion's search advertisi ...

NEW YORK, June 12, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Perion Network Ltd. ("Perion" or the "Company") (NASDAQ:PERI) and reminds investors of the June 17, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. If you purchased or acquired securities in Perion between February 9, 2021 and April 5, 2024 and would like to discuss your legal rights, ...

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In Perion To Contact Him Directly To Discuss Their Options As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Perion's search advertising business was not a reliable and significant growth driver and was in fact in decline; (2) Perion's long ...

If you purchased Perion shares between February 9, 2021 and April 5, 2024, and suffered a significant loss on that investment, you are encouraged to discuss your legal rights by contacting Corey Holzer, Esq. at cholzer@holzerlaw.com, by toll-free telephone at (888)-508-6832, or you may visit the firm's website at www.holzerlaw.com/case/perion/ to learn more. CONTACT: Corey Holzer, Esq. (888) 508-6832 (toll-free) cholzer@holzerlaw.com ATLANTA, June 11, 2024 (GLOBE NEWSWIRE) -- A shareholder class action laws ...

https://www.rgrdlaw.com/cases-perion-network-ltd-class-action-lawsuit-peri.html The Perion Network class action lawsuit further alleges that on April 8, 2024, Perion Network revealed that "[i]n the first quarter of 2024, Perion [Network] experienced a decline in search advertising activity, attributable to changes in advertising pricing and mechanisms implemented by Microsoft Bing in its Search Distribution marketplace." The complaint further alleges that Perion Network also disclosed that for the full 2024 ...

Shares of Perion Network (PERI -28.29%) were tanking today after the company's relationship with Microsoft took another step back, crushing a key source of revenue for the ad tech company. Going from bad to worse This morning, the company said the relationship with Bing was essentially dead after it was notified by Bing that it was one of several publishers being excluded from its search distribution marketplace. Perion lowered its revenue guidance for the second quarter to a range of $106 million to $108 m ...