Perion Network Ltd. reported its financial results for the third quarter ended September 30, 2024, with revenue reaching $102.2 million, a 45% decrease year-over-year. Despite the revenue decline, the company's adjusted earnings per share stood at $0.23, surpassing analyst expectations.
The company reported a GAAP net income of $2.1 million, translating to $0.04 per share for the quarter. CEO Tal Jacobson noted that the results were in line with expectations, highlighting strong performance in Digital Out-of-Home (DOOH), Retail Media, and Connected TV (CTV) segments.
While the Search and open web related segments continued to face declining revenue, the company emphasized its solid profitability and strong cash position. The growth in DOOH, Retail Media, and CTV are key indicators of the company's strategic focus on high-growth areas.
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