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(RTTNews) - Stock of Perion Network Ltd. (PERI) is dropping over 36 percent on Monday morning, following a decline in the company's revenue outlook for fiscal year of 2024, primarily due to drop in Search Advertising and a limited extent to the web video activity.

The media company now expects revenue in the range of $590-$610 million compared to the previous estimation of $860-$880 million, while it estimates adjusted EBITDA of $78- $82 million instead of $178-$182 million.

Additionally, the company announced preliminary financial result for first-quarter, which revealed a decline in adjusted EBITDA to $20 million from last year's $31.3 million, whereas revenue increased to $157 million from last year's $145.2 million.

However, analysts, on average, polled by Thomson Reuters estimated revenue of $ 175.53 million for the same quarter.

Currently, Perion's stock is tanking 36.08 percent, to $13.50 on the Nasdaq.

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