Shares of advertising technology solutions provider Perion Network (NASDAQ:PERI) are on the rise in the pre-market session today after the company delivered better-than-anticipated first-quarter numbers.
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Revenue rose 15.8% year-over-year to $145.1 million, outpacing estimates by $3.8 million. EPS at $0.60 too comfortably surpassed estimates by $0.10. The company saw gains in the video format as well as a 49% rise in average daily searches.
Additionally, the total number of video platform publishers with Perion increased by 63% year-over-year to 75 during the quarter. Looking ahead, for the year 2023, Perion provided an upbeat outlook.
The company expects revenue for the year to range between $725 million and $745 million. Adjusted EBITDA is expected northward of $155 million.
Overall, the Street has a $37.80 consensus price target on Perion, implying a potential upside of 8% in the stock. That’s after a 64.2% rally in the share price over the past year.
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