Perion Jumps Most Since 2009 as Outlook Beats EstimatesLeon Lazaroff
Perion Networks Ltd. surged the most since 2009 in New York and closed at a record as the Israeli maker of e-mail and social-networking products forecast revenue for 2013 that surpassed analysts’ estimates.
Shares of Tel Aviv-based Perion jumped 20 percent to $11.35 in New York, the steepest advance since May 2009 and the highest closing price since the stock started trading in 2006. Trading volumes were almost 30 times the daily average over the past three months, data compiled by Bloomberg show.
Sales in 2013 are expected to exceed $110 million, Perion said in a statement today, beating the $102 million average of two analysts’ estimates compiled by Bloomberg. Earnings per share on an adjusted basis in 2013 will be $1.61 compared to an average estimate of three analysts for $1.31. Fourth-quarter revenue will reach $21 million, the company said, compared with an $18.1 million estimate.
Perion shares traded in Tel Aviv rose 23 percent to 42.55 shekels, or the equivalent of $11.28.