Perion Technology’s third-quarter earnings increased and the estimates for 2022 have been adjusted

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  • Advertising technology company Perion Network said Wednesday it expects revenue and profits to rise in 2023 after a 53% increase in revenue in the third quarter as advertisers continue to switch to new ways to target customers.

The Tel Aviv-listed shares fell 5.5% after the company raised its 2022 adjusted earnings estimate before interest, taxes, depreciation and amortization from $102 million to at least $120 million.

Based in Israel, Perion capitalizes on advertisers moving away from traditional advertising and into the digital space where advertising and other advertising revenues are higher. B. On social media and internet-connected TVs.

The company has cut its 2022 revenue outlook from $620 million to $640 million to $630 million to $635 million, and raised its annual growth rate to 32%, but the economy is likely to stagnate next year. Despite fears of setbacks, he said there were no signs of a slowdown.

Analysts expect his Perion to post $733 million in sales next year, according to Refinitiv I/B/E/S data, which Gerstel said was “15 compared to what it did this year. % growth is possible.”

“We expect growth. We have a great opportunity to maintain high profitability,” Chief Executive Doron Gerstel told Reuters, but said it was too early to make more accurate forecasts for 2023.

He said new digital technologies are making it easier for businesses to target consumers better. These include new platforms such as televisions and internet-connected devices, tracking web searches, and podcasts.

More specific targeting could be further supported by new ad tiers on Netflix and Disney+, but advertisers are charging a whopping $65 per 1,000 views, Gertsel said. added. That’s three times more than he does for other advertisers. Perion earned 61 cents per diluted share in the third quarter, up from 40 cents per share a year ago. Earnings he increased 31% to $158.7 million.

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