Shares of advertising technology provider Perion Network (NASDAQ:PERI) are tanking in the pre-market session today despite the company posting a fourth-quarter beat.
Revenue rose 32.7% year-over-year to $209.7 million, outperforming estimates by nearly 5.3 million. EPS at $0.90 too came in ahead of expectations by $0.19. During the quarter, video revenue surged by 33% and CTV revenue jumped by 42% year-over-year.
Moreover, the number of video platform publishers clocked a 72% year-over-year growth during this period. Looking ahead, for 2023, PERI sees revenue landing between $720 million and $740 million. Adjusted EBITDA is expected to hover between $149 million and $153 million.
Separately, PERI also announced a top-rung shakeup. Tal Jacobson who is the General manager of the company’s search advertising unit will take over the mantle of PERI’s CEO from August 1. Doron Gerstel, the current CEO will remain on the company’s Board to oversee a fluid transition.
Another Israeli company, Teva Pharmaceutical Ind. (NYSE:TEVA) is also tanking today after its fourth-quarter top line missed estimates.
Revenue dropped 4.9% year-over-year to $3.9 billion, missing estimates by $10 million. EPS at $0.71 came in line with expectations. While generic sales in Europe continued to perform, North America sales disappointed.
For 2023, the company sees revenue ranging between $14.8 billion and $15.4 billion. EPS is anticipated to hover between $2.25 and $2.55.
The ARK Israel Innovative Technology ETF (IZRL), which is focused on promising Israeli companies has managed to deliver 5.8% gains over the past month though.
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