Perion Network cuts FY24 revenue view to $490M-$510M from $590M-$610M

Consensus $601M. Cuts FY24 adjusted EBITDA view to $48M-$52M from $78M-$82M. The company said, “Perion is updating its second quarter and full-year guidance to reflect these actions by Microsoft Bing. While these actions are the primary driver of the reduced EBITDA guidance, Perion has also seen a recent decline in revenue from standard video and display formats. The company believes these declines reflect market conditions as well as a transition to higher premium formats that offer advertisers higher ROI. Perion continues to see increased revenue from higher premium formats but not at a level sufficient to offset the revenue decrease from this change.”