Perion Network jumps on Q3 results

Shares of Perion Network (PERI +18.8%) jump after the company beat expectations in Q3.

Revenue grew 31% Y/Y to $21.3M, driven by a 25% Y/Y increase in search generated revenue and a 43% increase in other revenue.

Management guides for full-year revenue of $102M-$104M (vs. consensus of $105.6M), EBITDA of $24M-$25M, and EPS of $1.38-$1.45 ($1.37).

Shares are recovering after having tanked 19%  since fellow toolbar provider Babylon lost its deal with Google at the end of Oct. Perion noted that no one search provider is responsible for more than 40% of revenue.

PR, Conference call at 10 am ET

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