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  "docSlug": "9551be67f14d",
  "documentTitle": "Perion Network Ltd. (PERI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
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  "notes": "The slide uses a red callout box to highlight the management narrative shift, contrasting it with the quantitative decline shown in the line chart.",
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      "kind": "callout",
      "text": "Search Now Promoted As \"Growth Driver #1\"",
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      "text": "Growth is a major factor that drives stock prices. In the case of PERI, both of its major businesses are slowing down, especially display which for the last few years has been promoted by management as its greatest opportunity. We now see that management claims search is its #1 growth driver. We view this is a major red flag.",
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      "text": "Display and Search Quarterly Revenue Growth Rates",
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      "text": "Inset showing search growth metrics and quote",
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      "text": "quarterly revenue growth rate: 15.1%",
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      "text": "Growth is a major factor that drives stock prices. In the case of PERI, both of its major businesses are slowing down, especially display which for the last few years has been promoted by management as its greatest opportunity. We now see that management claims search is its #1 growth driver. We view this is a major red flag.",
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      "kind": "quote",
      "text": "We have a clear point of view that the future of search is an integrated experience across search, answers, chat and creating... The value proposition that we see for publishers specifically as we go forward is driving more traffic and clicks - not less - and ensuring that publishers and partners earn more money. — Ms. Kya Sainsbury-Carter, Corporate Vice President, Microsoft Advertising",
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      "text": "Source: Perion earnings",
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      "kind": "title",
      "text": "Growth Rates Collapsing",
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