Perion Network Ltd. (NASDAQ:PERI) shares rose 4% on Wednesday, extending pre-market gains after the advertising technology company delivered third-quarter earnings that topped analyst forecasts, supported by strong growth in its connected TV (CTV) segment.

The company reported adjusted earnings per share of $0.28, above the consensus estimate of $0.25. Revenue rose 8% year-over-year to $110.5 million, exceeding analyst expectations of $107.94 million. Contribution ex-TAC (excluding traffic acquisition costs) grew 7% year-over-year to $51 million, while adjusted EBITDA jumped 63% to $12.1 million.

“This quarter marks an important inflection point for Perion,” said Tal Jacobson, Perion’s CEO. “We delivered year-over-year growth across all major metrics — revenue, contribution ex-TAC, and adjusted EBITDA — driven by the strong performance of our growth engines and disciplined operational execution.”

Perion’s core business segments all showed solid momentum. CTV revenue surged 75% year-over-year to $16.6 million, while Digital Out of Home (DOOH) sales grew 26% to $24.1 million. Meanwhile, Retail Media revenue climbed 40% to $29.4 million.

The company reaffirmed its full-year 2025 guidance, forecasting revenue between $430 million and $450 million, consistent with the market consensus of $439.6 million. It also expanded its share repurchase program to $200 million, up from the prior $125 million, signaling management’s confidence in its long-term outlook.

Perion said the strong results support progress in its “Perion One” strategy, an initiative designed to create an integrated marketing operating system that connects multiple digital media channels under one unified platform.

Perion Network stock price

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