JERUSALEM (Reuters) – Advertising technology firm Perion Network reported on Wednesday a 53% rise in quarterly profit as advertisers continue to shift to new ways of targeting customers.
The Israel-based company earned 61 cents per diluted share excluding one-time items in the third quarter, up from 40 cents a share a year earlier. Revenue rose 31% to $158.7 million.
The company was forecast to earn 44 cents a share excluding items on revenue of $158 million, according to I/B/E/S data from Refinitiv.
Perion narrowed its 2022 outlook to $630 million-$635 million from $620 million-$640 million for annual growth of 32%.
It also lifted its estimate for 2022 adjusted earnings before interest, taxes, depreciation and amortisation to more than $120 million from at least $102 million.
(Reporting by Steven Scheer; Editing by Jan Harvey)
