Perion Network Ltd (NASDAQ:PERI)
Perion Network Ltd (NASDAQ:PERI) shares fell 8.5% after the advertising solutions provider announced it is extending its relationship with search engine Bing. The new agreement, set to run through 2020, should allow the company expand its reach in the search engine ecosystem.
PERI Stock Performance
Thursday’s sell-off saw PERI stock register a new 52-week low of $0.94 a share as it continues to trade in a strong downtrend. For the year, Perion Network is down by more than 30% after it hit a high of $2.32 in February.
Thursday’s sell-off came as a surprise given that the Microsoft Corporation (NASDAQ:MSFT) agreement expected to grow Perion Network Ltd (NASDAQ:PERI) search business. The extension allows the company to continue providing its publishing partners and their consumers a leading search and monetization solutions.
“This enhanced agreement is designed to expand Perion’s reach into the search space, providing additional growth opportunities for us, and enabling us to continue providing comprehensive search solutions to new and existing publishers around the world,” said CEO Doron Gerstel.
In addition to the Microsoft agreement extension, Perion Network Ltd (NASDAQ:PERI)’s creative advertising division, Undertone, has been named as an official Snapchat Creative Partner. The selection underscores the unit’s ability to offer dynamic creativity on Snapchat’s platform.
Undertone specializes in helping recognizable brands deliver engaging digital experiences to drive business growth. The Perion Network Ltd (NASDAQ:PERI) unit has already partnered with the likes of Unify water and Niagara to help them deliver high impact creative ads.
“This partnership underlines our commitment to cross-platform creativity and helping brands connect with consumers however they consume content,” said Mike Pallad, President of Undertone.
Perion Financial Results
Separately, Perion Network Ltd (NASDAQ:PERI) will announce financial results for the three months ended September 30, 2017, on November 9, 2017. For the three months ended June 30, 2017, the company reported a net loss of (-$36) million or (-$0.46) cents a share. Revenues dropped 11% from $78 million to $69.7 million, primarily because of a 24% decline in search and other revenues.
Perion Network exited the quarter with cash and cash equivalent of $22.4 million compared to $4.3 million in the second quarter of 2016.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.