Business
Perion Delivers Strong Results with 22% Year-Over-Year Increase in Revenue and 45% Growth in Adjusted EBITDA
Company raises annual guidance – focusing on profitability TEL AVIV & NEW YORK--(BUSINESS WIRE)-- Perion Network Ltd. (NASDAQ and TASE: PERI), a global
About this update from Perion Network Ltd
[{"type":"text","content":"\nCompany raises annual guidance – focusing on profitability\n\n\n TEL AVIV & NEW YORK--(BUSINESS WIRE)--\nPerion Network Ltd. (NASDAQ and TASE: PERI), a global multi-channel advertising technology company that delivers synergistic solutions across all major channels of digital advertising – including search advertising, social media, display, video and CTV advertising – today reported its financial results for the second quarter ended June 30, 2023.\n\n\n“Our business results demonstrate, once again, our consistent ability to outperform the industry. We accomplish that through focusing on profitability and margin expansion, driven by efficiency and innovation”, stated Tal Jacobson, Perion’s CEO. “Our growth in second-quarter revenue and adjusted EBITDA - up 22% and 45% respectively - highlights our ability to identify and seize lucrative market segments with agility. Our diversification strategy, powered by exceptional execution and investment in technology, has formed the foundation of a business model built for growth.”\n\n\nSecond Quarter 2023 Business Highlights\n\n\n\nCTV revenue1 increased by 104% year-over-year to $7.2 million, representing 7% of Display Advertising revenue compared to 4% last year\n\n\n\nRetail Media2 revenue increased by 63% year-over-year to $10.1 million, representing 10% of Display Advertising revenue compared to 8% last year\n\n\n\nVideo revenue increased by 14% year-over-year, representing 41% of Display Advertising revenue compared to 44% last year\n\n\n\nThe number of Average Daily Searches increased by 68% year-over-year to 28.6 million\n\n\n\nThe number of Search Advertising publishers increased by 28% year-over-year to 159\n\n\n\nRevenue from Perion’s AI-based cookieless targeting solution, SORT®2, grew by 84% year-over-year, representing 21% of Display Advertising revenue compared to 14% last year.\n\n\n\n1 Starting this quarter, we changed our methodology for measuring our CTV activity. We moved from measuring CTV campaigns to measuring CTV channels. The CTV growth trend under both methodologies remains in the same trajectory. Under our updated methodology, revenue generated from CTV in the second quarter of 2022 was $3.5 million vs. $5.1 million under the previous methodology; and in the first quarter of 2023 $3.9 million vs. $6.2 million.\n2 Retail Media and SORT® revenue include all medi...