Perion Network (PERI) reduced its Q2 and 2024 revenue guidance after Microsoft (MSFT) told the Tel Aviv company that it would be excluded from Bing's search distribution marketplace.
PERI now expects Q2 revenue of $106 million to $108 million, down from its previous guide of $118 million to $122 million.
For 2024, it now expects revenue of $490 million to $510 million, down from its previous guidance of $590 million to $610 million.
And just in cast the Bing removal wasn’t enough bad news for investors, Perion said its seeing a "decline in revenue from standard video and display formats" caused by "market conditions."
PERI’s Nasdaq-traded shares of the company were down more than 22% in recent Monday premarket activity.
Last week, in the latest legal salvo, Levi & Korsinsky, LLP, said it is seeking investors who were adversely affected by alleged securities fraud between Feb. 9, 2021 and April 5, 2024, to be included in a class action securities lawsuit.
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