NEW YORK & TEL AVIV, Israel - Perion Network Ltd. (NASDAQ:PERI), a global leader in digital advertising technology, has announced its financial outcomes for the fourth quarter and the full year ending December 31, 2023. The company reported a revenue increase of 16% year-over-year, with GAAP net income and adjusted EBITDA rising by 18% and 28% respectively.
Perion's CEO, Tal Jacobson, highlighted the company's growth in Search, CTV, and Retail Media, attributing the success to its diversified business model and continuous technological innovation. The company's strategic acquisition of Hivestack, a programmatic digital out-of-home company, was noted as a transformative move to enhance Perion's multi-channel advertising solutions.
The company's strong financial performance is also reflected in its cash flow from operations, which amounted to $155M for the year. This financial stability positions Perion to potentially pursue further acquisitions and deliver value to shareholders.
In the fourth quarter, Retail Media revenue soared by 196% year-over-year to $20.2M, while CTV revenue grew by 69% to $14.4M. Conversely, Video revenue declined by 33%, a strategic shift to prioritize more profitable display advertising. Average Daily Searches increased by 37% to 30.2M, and the number of Search Advertising publishers grew by 4%.
For the full year, Retail Media revenue increased by 114% to $49.7M, and CTV revenue grew by 56% to $33.5M. Video revenue saw a decrease of 7% due to the shift in inventory from video to display advertising. The number of Average Daily Searches rose by 57%, and the average annual number of Search Advertising publishers increased by 18%.
Perion's outlook for 2024 includes continued investment in technology and innovation, anticipating strong double-digit revenue and adjusted EBITDA growth. The company expects revenue to be between $860M and $880M, representing a 17% increase from 2023, with adjusted EBITDA projected to grow by 6%.
The financial report is based on a press release statement and reflects the company's performance and strategic direction. Perion's management will host a conference call to discuss the results further.
This article is based on a press release statement and does not include any analysis or endorsements.
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