Perion (PERI) delivered record fourth-quarter and solid full-year results attributed to a diversification strategy. Revenue and earnings topped consensus estimates as the global advertising technology company continued to connect its assets into a single intelligent hub. PERI shares rose 3.51% to close at $22.70 on February 9.
Perion is a technology company that offers advertising solutions to brands and publishers through innovative platforms.
Perion Earnings
Revenue in the fourth quarter was up 34% year-over-year to $158 million, beating consensus estimates of $144.95 million. The increase was driven by a 46% growth in advertising revenue. Search advertising revenue was also up 16%. Full-year revenue was up 46% to $478.5 million, driven by a 78% increase in Display Advertising revenue.
Non-GAAP diluted earnings per share (EPS) increased 38% year-over-year in the fourth quarter to $0.62, beating consensus estimates of $0.37 a share. Perion also posted a 73% full-year increase in Diluted EPS to $1.57.
Following the solid fourth-quarter and full-year results, Perion has raised its financial guidance for 2022 due to strong business momentum and improved visibility. Full-year revenue is expected between $610 and $630 million, up from the previous guidance of $590 million to $610 million. Adjusted EBITDA is expected to range between $88 million and $92 million, up from the previous guidance of $80 to $84 million.
Stock Rating
Yesterday Needham analyst Laura Martin reiterated a Buy rating on Perion stock with a $32 price target, implying 40.97% upside potential to current levels.
Consensus among analysts is a Moderate Buy based on 2 Buys. The average Perion Network price target of $31.50 implies 38.77% upside potential to current levels.
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