Perion Network (NASDAQ:PERI) has updated its Q2 and full-year 2024 financial guidance following significant changes instituted by its search distribution partner, Microsoft Bing.

The updates indicate that search revenue from their Microsoft Bing agreement will constitute less than 5% of Perion’s revenue in the second half of 2024.

Consequently, Perion’s Q2 revenue guidance is set between $106 to $108 million, with adjusted EBITDA estimated at $6.5 to $7.5 million.

For the full year, revenue is projected between $490 to $510 million, with an adjusted EBITDA of $48 to $52 million.