Core Viewpoint - A class action securities lawsuit has been filed against Perion Network Ltd. alleging securities fraud that affected investors between February 9, 2021, and April 5, 2024 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims that Perion's search advertising business was not a reliable growth driver and was actually in decline [2]. - It is alleged that Perion's long-term relationship with Microsoft would not provide stability for its search advertising business [2]. - The complaint suggests there was an increased risk of Microsoft unilaterally changing its advertising pricing to Perion's detriment [2]. - The lawsuit contends that Perion's AI technology and Microsoft's investment in ChatGPT would not protect or enhance Perion's search advertising revenue [2]. - Defendants are accused of lacking a reasonable basis for their positive statements regarding Perion's search advertising business and its financial prospects [2]. Group 2: Legal Process and Participation - Investors who suffered losses in Perion Network have until June 17, 2024, to request to be appointed as lead plaintiff [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees [3]. Group 3: Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and has extensive expertise in complex securities litigation [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the leading securities litigation firms in the U.S. [4].

LOS ANGELES, May 21, 2024 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Perion Network Ltd. ("Perion" or the "Company") (NASDAQ: PERI). Class Period: February 9, 2021 – April 5, 2024 Lead Plaintiff Deadline: June 17, 2024 If you wish to serve as lead plaintiff of the Perion lawsuit, you can submit your contact information at www.glancylaw.com/cases/Perion-Network-Ltd/. You can al ...

NEW YORK, May 21, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Perion Network Ltd. (NASDAQ: PERI). Shareholders who purchased shares of PERI during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.com/securities/perion-network-loss-submission-form/?id=80723&from=4 CLASS PERIOD: February 9, 2021 ...

NEW ORLEANS, May 17, 2024 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until June 17, 2024 to file lead plaintiff applications in a securities class action lawsuit against Perion Network Ltd. (NasdaqGS: PERI), if they purchased or otherwise acquired the Company's shares between February 9, 2021 and April 5, 2024, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York. About Clai ...

NEW YORK, May 17, 2024 /PRNewswire/ -- 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. WHAT ...

Investors continued to sell the stock in response to Wednesday's earnings report.Shares of Perion Network (PERI -3.64%) were moving lower today for the second day in a row after the adtech company reported first-quarter earnings Wednesday morning that initially pleased the market but reversed later in the session.On Thursday, that slide continued as investors had more time to assess the state of the business after Microsoft slashed its payments to ad partners like Perion, causing the stock to plunge by roug ...

Financial Data and Key Metrics Changes - Revenue increased by 9% year-over-year to $157.8 million despite a 52% decrease in video revenue [38][39] - Adjusted EBITDA decreased by 35% year-over-year to $20.3 million, resulting in a 13% adjusted EBITDA margin [43][44] - GAAP net income decreased by 51% to $11.8 million, with cash flow from operations decreasing by 61% to $6.9 million [38][45] - Net cash slightly increased to $479.7 million from $472.7 million at the end of the previous quarter [46] Business Line Data and Key Metrics Changes - Search advertising revenue grew by 26% year-over-year to $82 million, with average daily searches increasing by 20% [41][42] - Revenue from advertising solutions decreased by 5% year-over-year to $75.8 million, accounting for 48% of total revenue [39][41] - CTV advertising surged by 108% year-over-year to $8.2 million, representing 11% of advertising solutions revenue [40] - Retail media solutions grew by 134% year-over-year to $14.9 million, accounting for 20% of advertising solutions revenue [41][14] Market Data and Key Metrics Changes - Digital out-of-home advertising grew by 25% year-over-year on a pro forma basis to $9.7 million [41] - The number of publishers grew by 8% year-over-year, although there was a decline towards the end of the quarter [42][70] Company Strategy and Development Direction - The company is focusing on an advertiser-centric universe with technologies that enhance brand presence across various consumer journeys [10][11] - The strategy includes leveraging AI technology to optimize advertising and enhance consumer engagement [11][30] - The company aims to expand its technology and solutions through acquisitions and in-house R&D [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges due to changes in Microsoft Bing's advertising pricing, which are expected to impact revenue in the upcoming quarters [6][35] - Despite current challenges, management remains confident in the company's resilience and ability to adapt [36][37] - The company expects a return to normal growth in video revenue by the third quarter of 2024 [50] Other Important Information - The company has received two tax certifications for 2024, reflecting its commitment to integrity and quality in digital advertising [33] - The launch of SORT 2.0 and Wave technologies aims to enhance targeting and engagement in advertising [28][30] Q&A Session Summary Question: Video revenue decline expectations - Management expects video revenue to stabilize and return to normal growth by Q3 2024 after another quarter of negative comparison [50] Question: Buyback authorization activity - The buyback plan is set to start at the end of May 2024, with expectations for immediate execution [53][54] Question: SORT 2.0 launch and metrics - SORT 2.0 is being launched now, and metrics will be shared once available [56] Question: HiveStack growth expectations - HiveStack's 25% year-over-year growth aligns with expectations, with no dramatic changes anticipated for the full year [56] Question: Cookie deprecation impact - Management believes the delay in cookie deprecation provides a cushion for the non-search business, as they are prepared for the cookie-less era [57][60] Question: Vertical demand context - Strong demand is observed in retail, consumer goods, travel, healthcare, and automotive sectors [65][66]

Perion Network (PERI) came out with quarterly earnings of $0.44 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.60 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this digital media company would post earnings of $0.97 per share when it actually produced earnings of $1.04, delivering a surprise of 7.22%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.Perion Network, w ...

[Executive Summary & Business Overview](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Overview) Perion achieved **9% YoY revenue growth** in Q1 2024, driven by CTV and Retail Media, expanding AI solutions despite Search challenges [First Quarter 2024 Highlights](index=1&type=section&id=First%20Quarter%202024%20Highlights) Perion reported **9% YoY revenue growth** in Q1 2024, driven by strong CTV and Retail Media performance, while Search Advertising faced declines due to Microsoft Bing changes - Overall revenue growth: **9% YoY**[1](index=1&type=chunk) - Strategic focus: Expanding technological advertising solutions, capitalizing on organic growth engines (**Retail Media**, **CTV**), and strategic acquisition of programmatic DOOH technology[3](index=3&type=chunk) - AI Lab innovations: Introduction of **SORT® 2.0** (AI-based audience segmentation for **CTV**) and **WAVE** technology (dynamic audio ads, now supporting Spanish)[3](index=3&type=chunk) - New brand identity and positioning: Focused on building an advertiser-centric universe[3](index=3&type=chunk) Q1 2024 Business Highlights - Revenue Growth | Metric | YoY Growth | Q1 2024 Revenue ($M) | % of Advertising Solutions Revenue | | :-------------------- | :--------- | :------------------- | :--------------------------------- | | Retail Media | +134% | 14.9 | 20% (vs. 8% last year) | | CTV | +108% | 8.2 | 11% (vs. 5% last year) | | Video | -52% | N/A | 22% (vs. 44% last year) | Q1 2024 Business Highlights - Search Advertising Metrics | Metric | YoY Change | | :---------------------- | :--------- | | Average Daily Searches | +20% | | Number of Publishers | +8% | - Search Advertising trend: RPM, Average Daily Searches, and the number of Search Advertising publishers started to decline during the quarter, a trend expected to be fully reflected in Q2 and onwards due to **Microsoft Bing changes**[4](index=4&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Total revenue increased **9% YoY**, but net income, Adjusted EBITDA, and operating cash flow significantly declined [First Quarter 2024 Financial Highlights](index=2&type=section&id=First%20Quarter%202024%20Financial%20Highlights) Total revenue grew **9% YoY**, but Advertising Solutions revenue decreased, leading to significant declines in GAAP and Non-GAAP net income and Adjusted EBITDA Q1 2024 Financial Summary (vs. Q1 2023) | Metric | Q1 2024 ($M) | Q1 2023 ($M) | YoY Change | | :-------------------------- | :----------- | :----------- | :--------- | | Advertising Solutions Revenue | 75.8 | 79.9 | -5% | | Search Advertising Revenue | 82.0 | 65.3 | +26% | | Total Revenue | 157.8 | 145.2 | +9% | | Contribution ex-TAC | 60.2 | 65.3 | -8% | | GAAP Net Income | 11.8 | 23.8 | -51% | | Non-GAAP Net Income | 22.6 | 29.9 | -25% | | Adjusted EBITDA | 20.3 | 31.3 | -35% | | Net Cash from Operations | 6.9 | 17.8 | -61% | | GAAP Diluted EPS | 0.24 | 0.48 | -50% | | Non-GAAP Diluted EPS | 0.44 | 0.60 | -27% | [Detailed Financial Comparison for Q1 2024](index=3&type=section&id=Detailed%20Financial%20Comparison%20for%20Q1%202024) This section details Q1 2024 revenue streams, cost structures, and profitability, explaining changes driven by product mix shifts and Microsoft Bing impacts [Revenue Analysis](index=3&type=section&id=Revenue%20Analysis) Total revenue increased **9%** driven by Search Advertising, while Advertising Solutions decreased, with future Search declines expected - Total Revenue: Increased **9%** to **$157.8 million** (Q1 2024) from **$145.2 million** (Q1 2023)[10](index=10&type=chunk) - Advertising Solutions Revenue: Decreased **5%**, accounting for **48%** of total revenue, primarily due to a **52% decrease** in video revenue, partially offset by a **$9.7 million** increase in Digital Out of Home and a **108% increase** in **CTV** revenue to **$8.2 million**[10](index=10&type=chunk) - Search Advertising Revenue: Increased **26%**, accounting for **52%** of total revenue, driven by a **20% increase** in Average Daily Searches and an **8% increase** in the number of publishers[10](index=10&type=chunk) - Future Outlook for Search Advertising: RPM, Average Daily Searches, and the number of Search Advertising publishers started to decline during the quarter due to **Microsoft Bing changes**, a trend expected to be fully reflected in Q2 and throughout 2024[10](index=10&type=chunk) [Traffic Acquisition Costs (TAC)](index=3&type=section&id=Traffic%20Acquisition%20Costs%20%28TAC%29) Traffic Acquisition Costs increased to **62%** of revenue in Q1 2024, primarily due to product mix shifts and higher publisher revenue share Traffic Acquisition Costs (TAC) | Metric | Q1 2024 ($M) | Q1 2023 ($M) | % of Revenue Q1 2024 | % of Revenue Q1 2023 | | :----- | :----------- | :----------- | :------------------- | :------------------- | | TAC | 97.6 | 79.9 | 62% | 55% | - Reasons for increase: Primarily due to shifts in product mix and higher revenue share for some Search Advertising publishers[11](index=11&type=chunk) [Net Income (GAAP & Non-GAAP)](index=3&type=section&id=Net%20Income%20%28GAAP%20%26%20Non-GAAP%29) GAAP Net Income decreased by **51%** and Non-GAAP Net Income by **25%** in Q1 2024, reflecting reduced profitability Net Income Comparison | Metric | Q1 2024 ($M) | Q1 2023 ($M) | YoY Change | | :---------------- | :----------- | :----------- | :--------- | | GAAP Net Income | 11.8 | 23.8 | -51% | | Non-GAAP Net Income | 22.6 | 29.9 | -25% | - Non-GAAP Net Income as % of revenue: **14%** in Q1 2024 compared to **21%** in Q1 2023[12](index=12&type=chunk) [Adjusted EBITDA](index=3&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA declined by **35%** to **$20.3 million** in Q1 2024, with its margin to revenue decreasing to **13%** Adjusted EBITDA Comparison | Metric | Q1 2024 ($M) | Q1 2023 ($M) | YoY Change | | :-------------------------- | :----------- | :----------- | :--------- | | Adjusted EBITDA | 20.3 | 31.3 | -35% | | Adjusted EBITDA to Revenue | 13% | 22% | | | Adjusted EBITDA to Contribution ex-TAC | 34% | 48% | | [Cash Flow and Net Cash](index=3&type=section&id=Cash%20Flow%20and%20Net%20Cash) Net cash from operating activities decreased by **61%** to **$6.9 million**, primarily due to reduced Search Advertising and working capital needs - Net cash provided by operating activities: **$6.9 million** in Q1 2024, a **61% decrease** from **$17.8 million** in Q1 2023[14](index=14&type=chunk) - Reasons for decrease in operating cash flow: Mainly attributed to the reduction in Search Advertising activity and one-time working capital needs for Hivestack operations[14](index=14&type=chunk) - Net cash position (Cash, cash equivalents, short-term bank deposits, marketable securities): **$479.7 million** as of March 31, 2024, compared with **$472.7 million** as of December 31, 2023[15](index=15&type=chunk) [Financial Outlook & Capital Allocation](index=2&type=section&id=Financial%20Outlook%20%26%20Capital%20Allocation) Perion anticipates significant declines in Q2 and FY 2024 revenue and Adjusted EBITDA, reflecting a conservative outlook due to Search Advertising impacts [Q2 and FY 2024 Guidance](index=2&type=section&id=Q2%20and%20FY%202024%20Guidance) Perion forecasts significant sequential declines in Q2 revenue and Adjusted EBITDA, with full-year guidance reflecting a conservative outlook due to Search Advertising impacts Q2 2024 Guidance | Metric | Range ($M) | | :-------------------------- | :--------- | | Revenue | 118 to 122 | | Adjusted EBITDA | 10 to 12 | | Adjusted EBITDA to contribution ex-TAC | 20% (at midpoint) | FY 2024 Guidance | Metric | Range ($M) | | :-------------------------- | :--------- | | Revenue | 590 to 610 | | Adjusted EBITDA | 78 to 82 | | Adjusted EBITDA to contribution ex-TAC | 30% (at midpoint) | - Note on

Perion Network (PERI) is slated to release its first-quarter 2024 results on May 8.For the first quarter, PERI expects revenues of $157 million, indicating year-over-year growth of 8%The Zacks Consensus Estimate for revenues is pegged at $156.96 million, suggesting an increase of 8.13% from the year-ago quarter’s levels.The consensus mark for first-quarter 2024 earnings is pegged at 44 cents per share, indicating a decline of 26.67% year over year.Perion’s earnings beat the Zacks Consensus Estimate in all t ...