Perion Network (PERI) Reports In-Line Q3 EPS
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Perion Network (NASDAQ: PERI) reported Q3 EPS of $0.10, in-line with the analyst estimate of $0.10. Revenue for the quarter came in at $74.46 million versus the consensus estimate of $77.41 million.
Perion Network sees Q4 2016 revenue of $78-82 million, versus the consensus of $88.4 million.
Josef Mandelbaum, Perion’s CEO commented, “Perion delivered both sequential and year-over-year EBITDA growth for the first time in two years, reflecting the stability of our business and the continued reduction in expenses, which have enabled us to deliver consistent profitability. This translated into another excellent quarter of cash generation, whereby cash flow from continuing operations was $9.6 million, and for the first nine months of the year now stands at $21.7 million.”
“We have increased profits, despite lower than expected revenues, which were impacted by: the cancellation in September of approximately $3 million in previously booked ad campaigns related to the presidential elections; and proactive actions we took with a couple of download publishers, reducing search-generated revenue by approximately $2 million,” concluded Mr. Mandelbaum. “While we expect some lingering effect to carry over into the fourth quarter, it will be our strongest quarter of the year and we expect revenue and EBITDA to continue to grow sequentially and on a year over year basis. We also expect non-search revenue to be more than 50% of total revenue, in the fourth quarter, for the first time in the past six years."
For earnings history and earnings-related data on Perion Network (PERI) click here.
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