Perion Network reverses gains on Q2 miss, light guidance

|About: Perion Network Ltd. (PERI)|By:, SA News Editor

Up in premarket trading thanks to its Yahoo search deal, Perion Network (PERI -12.9%) is now tumbling due to its Q2 miss.

Although revenue grew 99% Y/Y in Q2, growth slowed from a torrid Q1 rate of 145%.

CEO Josef Mandelbaum says Perion's efforts to diversify its toolbar search partner base beyond Google - in addition to Yahoo, deals have been signed with Bing and Ask.com - have taken longer than expected, hurting Q2 revenue and leading revenue expected in Q3 to be pushed out to Q4. (PR)

Perion expects Q3 revenue to fall to $20M-$22M (~30% Y/Y growth) from Q2's $24.4M.