Perion Network Inc. (NASDAQ: (PERI) stock gained by 23.80% in the current market trading session. Perion is a worldwide technology firm that develops strategic business solutions that help companies and advertisers to easily “Capture and Convince” customers across many platforms and channels, particularly interactive connected television (iCTV).
PERI stock’ Financial Highlights
Perion Network has released its financial outcomes for the third quarter of 2021, which concluded on September 30th.
- Revenues climbed by 45 percent in the third quarter of 2021, from $83.4 million in the third quarter of 2020 to $121 million.
- TAC was $73.6 million, or 60.8 percent of revenues, in the third quarter of 2021, particularly in comparison to $49.9 million, or 59.8 percent of revenues, in Q3 of 2020.
- Net income grew by 399 percent from $2.1 million in Q3 of 2020 to $10.6 million in the third quarter of 2021, as measured by GAAP.
- Non-GAAP net income was $15.4 million, or 12.7 percent of revenues, in the third quarter of 2021, relative to $5.9 million, or 7.1 percent of revenues, in the third quarter of 2020. This news release includes the conversion of GAAP to non-GAAP net income.
- Adjusted EBITDA was $17.6 million, or 14.5 percent of revenues, in the Q3 of 201 whereas it was $8.7 million, or 10.5 percent of revenues, in the third quarter of 2020. This news release includes a reconciliation of GAAP Net Income to Adjusted EBITDA.
Doron Gerstel, Perion’s CEO, stated that,
They made the accretive purchase of Vidazoo, a top video tech platform, in response to the increased demand for video advertising. They can provide a customized, end-to-end video system that increases the effectiveness of their iHub by integrating Perion’s proven, high-impact video suite with Vidazoo’s distinctive online video player. It should also be able to suit the demands of publishers who are looking for easy, highly scalable, plug-and-play video solutions.
