Stock Alert: Perion Network Touches New High On Improved Revenue Outlook

(RTTNews) - Shares of digital advertising solutions provider Perion Network Ltd. (PERI) are rising more than 16% Tuesday morning after raising fourth quarter revenue outlook.

The stock touched a new high of $11 this morning.

The company on Monday said it expects fourth quarter revenue to be in the range of $100 million-$105 million, up from the previous range of $81 million -$91 million. The consensus estimate by analysts polled by Thomson Reuters stands at $98.31 million.

"The acceleration of Perion's advertising revenue growth is being driven by higher-than-expected revenue synergies from recent acquisitions, as well as higher demand across our CTV and video offerings," commented Doron Gerstel, Perion's CEO. "Additionally, following the four-year renewal of our partnership with Microsoft, announced earlier this quarter, we see an increased number of publishers who wish to engage with Perion's search business unit."