Why Perion Network Stock Is Plummeting Today
Perion Network (NASDAQ: PERI) stock is getting hit with big sell-offs in Wednesday's trading. The ad tech company's share price was down 11.7% as of 12:40 p.m. ET and had been off as much as 15.2% earlier today.
Perion reported its fourth-quarter results before the market opened this morning, and investors are having a strong bearish reaction. Besides posting sales that fell slightly short of the average Wall Street target, the company also issued guidance that was way below the mark.
In the fourth quarter, Perion posted adjusted earnings per share of $0.33 on sales of $129.6 million. While the profit for the period was in line with expectations, revenue missed the average analyst estimate by roughly $840,000. Sales for the period were down 44.7% year over year, and adjusted earnings per share were down 68% compared to the prior-year period.
Source Fool.com
