• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
PublishDashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees
    Legal
    Terms of usePrivacy policyCookie policy

    Opera Reports Second Quarter 2024 Results Ahead of Expectations, Raises Full-Year Outlook Again

    8/22/24 7:00:00 AM ET
    $OPRA
    Computer Software: Prepackaged Software
    Technology
    Get the next $OPRA alert in real time by email

    Revenue grew 17% year-over-year to $109.7 million, and exceeded the guidance range

    Adjusted EBITDA of $26.6 million, a 24% margin, also exceeded the guidance range

    Product lineup further strengthened with Opera One launched on iOS along with rapid innovation across platforms

    Company increases both revenue and adjusted EBITDA guidance for the year, now at 17% year-over-year growth at a 24% adjusted EBITDA margin at the midpoints

    OSLO, Norway, Aug. 22, 2024 /PRNewswire/ -- Opera Limited (NASDAQ:OPRA), one of the world's major browser developers and a leading internet consumer brand, today announced financial results for the quarter ended June 30, 2024.

    (PRNewsfoto/Opera Limited)

    Second Quarter and First Half 2024 Financial Highlights





    Three Months Ended June 30,











    Six Months Ended June 30,









    (In thousands, except percentages and per share amounts)



    2023





    2024





    % change





    2023





    2024





    % change



    Revenue



    $

    94,134





    $

    109,734







    17

    %



    $

    181,185





    $

    211,605







    17

    %







































    Net income



    $

    13,537





    $

    19,303







    43

    %



    $

    29,015





    $

    34,142







    18

    %

    Net income margin





    14

    %





    18

    %











    16

    %





    16

    %













































    Adjusted EBITDA (1)



    $

    20,466





    $

    26,606







    30

    %



    $

    42,204





    $

    51,519







    22

    %

    Adjusted EBITDA margin





    22

    %





    24

    %











    23

    %





    24

    %













































    Diluted earnings per ADS (2)



    $

    0.15





    $

    0.22







    46

    %



    $

    0.32





    $

    0.38







    20

    %







































    Net cash flow from operating activities



    $

    15,517





    $

    17,416







    12

    %



    $

    41,244





    $

    48,438







    17

    %

    As percent of adjusted EBITDA





    76

    %





    65

    %











    98

    %





    94

    %













































    Free cash flow from operations (1)



    $

    13,216





    $

    13,525







    2

    %



    $

    36,533





    $

    21,815







    (40)

    %

    As percent of adjusted EBITDA





    65

    %





    51

    %











    87

    %





    42

    %







    _______________

    (1)

    See the sections below titled "Non-IFRS Financial Measures" and "Reconciliations of Non-IFRS Financial Measures" for explanations and reconciliations of non-IFRS financial measures.

    (2)

    Opera Limited has American depositary shares (ADSs) listed on the Nasdaq Global Select Market, each representing two ordinary shares.

    "Our continued momentum is underpinned by a record strong and rapidly evolving product lineup that attracts users with high monetization potential, combined with our ability to drive targeted and high purchase-intent traffic directly to an expanding partnership base. In sum, this led to both revenue and profitability exceeding expectations for the quarter," said co-CEO Lin Song.

    "Continued innovation on the product front in the form of refreshed browsers such as Opera One for iOS, and on the feature front with our evolving Aria browser AI, combined with a highly scalable revenue model, point to continued growth in the second half of the year," continued Mr. Song.

    Second Quarter 2024 and Recent Business Highlights

    • Solid monetization performance of our browsers, along with continuing growth of our Opera Ads platform and our ability to deliver targeted, high purchase intent traffic to our advertising partners, resulted in advertising revenue growing 20% year-over-year to $64.6 million, or 59% of total revenue.
    • Search revenue grew 15% year-over-year, driven by our ongoing focus on users with the potential for the greatest monetization.
    • Opera had 298 million monthly active users (MAUs), with continued growth in high-ARPU users in North America, Europe and Latin America, offset primarily by a decline of feature phone users in emerging markets.
    • Annualized ARPU was $1.46, an increase of 25% versus the second quarter of 2023.
    • The Opera GX gaming browser had 30 million MAUs across PC and mobile, up 27% year-over-year.
    • Net cash flow from operating activities was $17.4 million, with a year-to-date conversion of adjusted EBITDA to operating cash flow of 94%. Opera had cash and cash equivalents of $104.4 million at quarter end.
    • Opera declared a semi-annual dividend of $0.40 per ADS, representing a total dividend value of $35.4 million at the July record date. The cash distribution was $27.6 million, whereas the remaining $7.8 million was offset against our receivable from the sale of Star X, resulting in the receivable being fully settled.

    Second Quarter 2024 Financial Results

    All comparisons in this section are relative to the second quarter of 2023 unless otherwise stated.

    Revenue increased by 17% to $109.7 million.

    • Advertising revenue increased by 20% to $64.6 million.
    • Search revenue increased by 15% to $44.5 million.
    • Technology licensing and other revenue was $0.6 million.

    Operating expenses increased by 9% to $89.1 million.

    • Combined technology and platform fees, content cost and cost of inventory sold were $27.7 million, or 25% of revenue.
    • Personnel expenses, including share-based compensation, totaled $19.8 million. Cash-based compensation expense was $17.8 million, a 7% increase year-over-year, whereas share-based compensation expense was $1.9 million. The share-based compensation expense includes equity awards granted by Opera's majority shareholder to employees of Opera even though Opera does not have any obligation to settle the awards, and such awards do not lead to dilution for Opera shareholders.
    • Marketing and distribution expenses were $29.0 million, an increase of 8%.
    • Depreciation and amortization expenses were $4.0 million, a 20% increase driven by the recently deployed AI data cluster.
    • All other operating expenses were $8.6 million, a 17% increase driven by increases in professional and cloud services.

    Operating profit was $21.9 million, representing a 20% margin, compared to an operating profit of $12.5 million and a margin of 13% in the second quarter of 2023.

    Net finance income was $0.2 million, a result of $0.8 million in net interest income, offset by foreign exchange loss of $0.6 million.

    Income tax expense was $2.8 million, corresponding to an effective tax rate of 13%, or 11% of adjusted EBITDA.

    Net income was $19.3 million, representing an 18% margin, compared to net income of $13.5 million and a margin of 14% in the second quarter of 2023.

    Adjusted EBITDA was $26.6 million, representing a 24% margin, compared to adjusted EBITDA of $20.5 million, representing a 22% margin, in the second quarter of 2023.

    Diluted earnings per ADS was $0.22. The diluted weighted average number of ordinary shares outstanding was 178.6 million in the quarter, corresponding to 89.3 million ADSs.

    Net cash flow from operating activities was $17.4 million, or 65% of adjusted EBITDA, net of annual bonuses that were paid during the second quarter as opposed to within the first quarter in 2023. Free cash flow from operations was $13.5 million, or 51% of adjusted EBITDA.

    Business Outlook

    "We are very pleased to combine overperformance on revenue with strong cost discipline, adding to the overperformance of adjusted EBITDA. This demonstrates the health of our business and adds to our comfort in terms of our full-year trajectory, in turn allowing us to raise our guidance for both revenue and adjusted EBITDA," said Frode Jacobsen, CFO.

    "We are fortunate to be in a position where we can continue to invest in innovation and return cash to shareholders, while simultaneously growing both our revenue and our profits," continued Mr. Jacobsen.

    For the full year of 2024, we guide revenue to be in the range of $461 – 467 million, an increase of 17% over 2023 at the midpoint, and guide adjusted EBITDA to be in the range of $110 – 113 million, or a 24% margin at the midpoints.

    For the third quarter of 2024, we guide revenue to be in the range of $119 – 121 million, or 17% year-over-year growth at the midpoint, and guide adjusted EBITDA to be in the range of $27.0 – 28.5 million, or a 23% margin at the midpoints.

    Conference Call and Webcast Information

    Opera's management will host a conference call to discuss the second quarter 2024 financial results at 8:00 a.m. ET today. The live webcast of the conference call can be accessed at our investor relations website at investor.opera.com, along with the earnings press release and financial tables. Following the call, a replay will be available at the same website.

    We also provide announcements regarding our financial performance and other matters, including SEC filings, press releases, slide presentations, business blogs and information on corporate governance, on our investor relations website at investor.opera.com.

    Non-IFRS Financial Measures

    We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to revenue, net income (loss), net cash flow from operating activities and other financial measures under IFRS Accounting Standards, we use adjusted EBITDA, adjusted EBITDA margin and free cash flow from operations to evaluate our business. We use these non-IFRS financial measures for financial and operational decision-making and as means to evaluate period-to-period comparisons. We believe adjusted EBITDA and adjusted EBITDA margin provide meaningful supplemental information regarding our financial performance by excluding certain items that may not be indicative of recurring core business operating results, and that free cash flow from operations provides useful information regarding our liquidity, including ability to generate cash from business operations that is available for acquisitions and other investments, and for distributions to our shareholders.

    We define adjusted EBITDA as net income (loss) excluding (i) profit (loss) from discontinued operations, (ii) income tax (expense) benefit, (iii) net finance income (expense), (iv) share of net income (loss) of equity-accounted investees, (v) impairment of equity-accounted investees, (vi) fair value gain (loss) on investments, (vii) depreciation and amortization, (viii) impairment of non-financial assets, (ix) share-based compensation expense, (x) non-recurring expenses, and (xi) other operating income. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.

    We define free cash flow from operations as net cash flows from (used in) operating activities less (i) purchases of fixed and intangible assets, (ii) development expenditure and (iii) payment of lease liabilities.

    We believe adjusted EBITDA, adjusted EBITDA margin and free cash flow from operations are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. However, these non-IFRS financial measures should not be considered substitutes for, or superior to, the financial information prepared and presented in accordance with IFRS Accounting Standards. Our calculations of adjusted EBITDA, adjusted EBITDA margin and free cash flow from operations may differ from similarly-titled non-IFRS measures, if any, reported by our peers. In addition, the non-IFRS financial measures may be limited in their usefulness because they do not present the full economic effects of certain items of income, expenses and cash flows. We compensate for these limitations by providing reconciliations of our non-IFRS financial measures to the most closely related financial measures in IFRS Accounting Standards. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view adjusted EBITDA, adjusted EBITDA margin and free cash flow from operations in conjunction with net income (loss) and net cash flow from operating activities.

    For reconciliations of these non-IFRS financial measures to the most directly comparable financial measures prepared in accordance with IFRS Accounting Standards, please see the section titled "Reconciliations of Non-IFRS Financial Measures" included at the end of this earnings press release.

    Safe Harbor Statement

    This press release contains statements of a forward-looking nature. These statements, including statements relating to the Company's future financial and operating results, are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "may," "expect," "believe," "anticipate," "intend," "aim," "estimate," "seek," "plan," "potential," "continue," "ongoing," "target," "guidance," "is/are likely to," "future" and similar statements. Among other things, management's quotations and the Business outlook section contain forward-looking statements. The Company may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which it operates. Potential risks and uncertainties include, but are not limited to, those relating to: the duration and development of international conflicts, such as the war in Ukraine, and related economic sanctions, as well as resulting changes in consumer behaviors; the outcome of regulatory processes or litigation; the Company and its goals and strategies; expected development and launch, and market acceptance, of products and services; Company's expectations regarding demand for and market acceptance of its brands, platforms and services; Company's expectations regarding growth in its user base, user retention and level of engagement; changes in consumer behavior, for example from increased adoption of AI powered services; Company's ability to attract, retain and monetize users; Company's ability to continue to develop new technologies, products and services and/or upgrade its existing technologies, products and services; quarterly variations in Company's operating results caused by factors beyond its control; and global macroeconomic conditions and their potential impact in the markets in which the Company has business. All information provided in this press release is as of the date hereof and is based on assumptions that the Company believes to be reasonable as of this date, and it undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Opera is included in the Company's filings with the SEC, including its annual reports on Form 20-F.

    About Opera

    Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across all devices. Hundreds of millions use the Opera web browsers for their unique and secure features on their mobile phones and desktop computers. Founded in 1995, and headquartered in Oslo, Norway, Opera is a public company listed on the Nasdaq stock exchange under the ticker symbol "OPRA". Download the Opera web browser and access other Opera products from opera.com. Learn more about Opera at investor.opera.com.

    Opera Limited

    Consolidated Statement of Operations

    (In thousands, except per share amounts, unaudited)







    Three Months Ended June 30,





    Six Months Ended June 30,







    2023





    2024





    2023





    2024



    Revenue



    $

    94,134





    $

    109,734





    $

    181,185





    $

    211,605



    Other operating income





    51







    1,281







    180







    1,624



    Operating expenses:

























    Technology and platform fees





    (1,114)







    (1,893)







    (1,956)







    (5,656)



    Content cost





    (1,094)







    (901)







    (1,983)







    (1,871)



    Cost of inventory sold





    (20,357)







    (24,862)







    (35,523)







    (44,147)



    Personnel expenses including share-based compensation





    (21,370)







    (19,780)







    (41,423)







    (38,705)



    Marketing and distribution expenses





    (26,996)







    (29,026)







    (51,393)







    (58,491)



    Credit loss expense





    (47)







    143







    (2,446)







    207



    Depreciation and amortization





    (3,356)







    (4,012)







    (6,735)







    (7,083)



    Other operating expenses





    (7,315)







    (8,741)







    (13,422)







    (15,965)



    Total operating expenses





    (81,650)







    (89,072)







    (154,880)







    (171,711)



    Operating profit





    12,535







    21,943







    26,485







    41,518



    Net finance income (expense):

























    Finance income





    1,361







    936







    6,723







    1,799



    Finance expense





    (80)







    (173)







    (453)







    (315)



    Net foreign exchange gain (loss)





    869







    (578)







    676







    (1,405)



    Net finance income (expense)





    2,150







    185







    6,946







    79



    Income before income taxes





    14,684







    22,128







    33,431







    41,596



    Income tax expense





    (1,148)







    (2,825)







    (4,416)







    (7,454)



    Net income attributable to Opera shareholders



    $

    13,537





    $

    19,303





    $

    29,015





    $

    34,142





























    Earnings per American depositary share (ADS):

























    Basic



    $

    0.15





    $

    0.22





    $

    0.32





    $

    0.39



    Diluted



    $

    0.15





    $

    0.22





    $

    0.32





    $

    0.38



    Weighted-average number of ADSs outstanding:

























    Basic





    89,897







    88,458







    89,841







    88,455



    Diluted





    91,313







    89,315







    91,203







    89,303



     

    Opera Limited

    Consolidated Statement of Comprehensive Income

    (In thousands, unaudited)







    Three Months Ended June 30,





    Six Months Ended June 30,







    2023





    2024





    2023





    2024



    Net income



    $

    13,537





    $

    19,303





    $

    29,015





    $

    34,142



    Other comprehensive income (loss):

























    Items that may be reclassified to the statement of operations:

























    Exchange differences on translation of foreign operations





    (1,219)







    81







    (1,167)







    (165)



    Other comprehensive income (loss)





    (1,219)







    81







    (1,167)







    (165)



    Total comprehensive income attributable to Opera shareholders



    $

    12,318





    $

    19,384





    $

    27,848





    $

    33,978



     

    Opera Limited

    Consolidated Statement of Financial Position

    (In thousands, unaudited)







    As of December 31,





    As of June 30,







    2023





    2024



    Assets:













    Property and equipment



    $

    16,074





    $

    35,038



    Goodwill





    429,856







    429,794



    Intangible assets





    99,070







    99,278



    Investment in OPay





    253,300







    253,300



    Other non-current investments and financial assets





    3,049







    2,585



    Deferred tax assets





    1,133







    1,228



    Total non-current assets





    802,482







    821,224



    Trade receivables





    69,382







    65,580



    Current receivables from sale of investments





    32,797







    7,818



    Other current receivables





    7,760







    5,058



    Prepayments





    4,660







    3,869



    Cash and cash equivalents





    93,863







    104,356



    Total current assets





    208,461







    186,681



    Total assets



    $

    1,010,943





    $

    1,007,904

















    Equity:













    Share capital



    $

    18





    $

    18



    Other paid in capital





    717,610







    682,603



    Treasury shares





    (238,815)







    (238,815)



    Retained earnings





    445,164







    482,931



    Foreign currency translation reserve





    (4,127)







    (4,292)



    Total equity attributable to Opera shareholders





    919,850







    922,445



    Liabilities:













    Non-current lease liabilities





    6,776







    6,038



    Deferred tax liabilities





    2,813







    5,029



    Other non-current liabilities





    94







    47



    Total non-current liabilities





    9,682







    11,114



    Trade and other payables





    52,247







    52,992



    Current lease liabilities





    3,770







    3,641



    Income tax payable





    1,838







    3,502



    Deferred revenue





    10,272







    5,130



    Other current liabilities





    13,285







    9,081



    Total current liabilities





    81,411







    74,345



    Total liabilities





    91,093







    85,459



    Total equity and liabilities



    $

    1,010,943





    $

    1,007,904



     

    Opera Limited

    Consolidated Statement of Changes in Equity

    (In thousands, except number of shares, unaudited)

    For the six months ended June 30, 2023:













    Equity attributable to Opera shareholders







    Number

    of ADSs

    outstanding





    Share

    capital





    Other

    paid in

    capital





    Treasury

    shares





    Retained

    earnings





    Foreign

    currency

    translation

    reserve





    Total

    equity



    As of January 1, 2023





    89,215,121





    $

    18





    $

    824,832





    $

    (206,514)





    $

    273,263





    $

    (3,385)





    $

    888,213



    Net income





    —







    —







    —







    —







    29,015







    —







    29,015



    Other comprehensive loss





    —







    —







    —







    —







    —







    (1,167)







    (1,167)



    Share-based compensation, net of tax





    —







    —







    —







    —







    9,724







    —







    9,724



    Issuance of shares upon exercise of RSUs and options





    1,068,509







    —







    —







    394







    —







    —







    394



    Dividends





    —







    —







    (107,222)







    —







    —







    —







    (107,222)



    Acquisition of treasury shares





    (370,162)







    —







    —







    (2,464)







    —







    —







    (2,464)



    As of June 30, 2023





    89,913,468





    $

    18





    $

    717,610





    $

    (208,584)





    $

    312,001





    $

    (4,553)





    $

    816,493



     

    For the six months ended June 30, 2024:















    Equity attributable to Opera shareholders







    Number

    of ADSs

    outstanding





    Share

    capital





    Other

    paid in

    capital





    Treasury

    shares





    Retained

    earnings





    Foreign

    currency

    translation

    reserve





    Total

    equity



    As of January 1, 2024





    87,518,284





    $

    18





    $

    717,610





    $

    (238,815)





    $

    445,164





    $

    (4,127)





    $

    919,850



    Net income





    —







    —







    —







    —







    34,142







    —







    34,142



    Other comprehensive loss





    —







    —







    —







    —







    —







    (165)







    (165)



    Share-based compensation, net of tax





    —







    —







    —







    —







    3,625







    —







    3,625



    Issuance of shares upon exercise of RSUs





    947,495







    —







    —







    —







    —







    —







    —



    Dividends





    —







    —







    (35,007)







    —







    —







    —







    (35,007)



    As of June 30, 2024





    88,465,779





    $

    18





    $

    682,603





    $

    (238,815)





    $

    482,931





    $

    (4,292)





    $

    922,445



     

    Opera Limited



    Consolidated Statement of Cash Flows



    (In thousands, unaudited)











    Three Months Ended June 30,





    Six Months Ended June 30,







    2023





    2024





    2023





    2024



    Cash flows from operating activities:

























    Income before income taxes



    $

    14,684





    $

    22,128





    $

    33,431





    $

    41,596



    Adjustments to reconcile income before income taxes to net cash flow from operating activities:

























    Share-based compensation





    3,741







    2,064







    7,174







    4,222



    Depreciation and amortization





    3,356







    4,012







    6,735







    7,083



    Net finance (income) expense





    (2,150)







    (185)







    (6,946)







    (79)



    Other adjustments





    543







    1,167







    209







    589



    Changes in working capital:

























    Change in trade and other receivables





    (3,852)







    (1,759)







    2,036







    6,532



    Change in prepayments





    (404)







    1,227







    (414)







    1,324



    Change in trade and other payables





    4,381







    276







    305







    746



    Change in deferred revenue





    (2,126)







    (2,573)







    3,850







    (5,142)



    Change in other liabilities





    744







    (4,920)







    (1,584)







    (4,251)



    Income taxes paid





    (3,397)







    (4,019)







    (3,552)







    (4,182)



    Net cash flow from operating activities





    15,517







    17,416







    41,244







    48,438



    Cash flows from investing activities:

























    Purchase of equipment





    (219)







    (1,232)







    (537)







    (21,466)



    Development expenditure





    (1,048)







    (1,729)







    (2,114)







    (3,120)



    Sale of investments in unconsolidated entities





    —







    500







    —







    500



    Net sale of marketable securities





    —







    —







    23,414







    —



    Interest received





    879







    869







    1,433







    1,644



    Net cash flow from (used in) investing activities





    (389)







    (1,592)







    22,194







    (22,441)



    Cash flows from financing activities:

























    Acquisition of treasury shares





    —







    —







    (2,464)







    —



    Dividends paid





    —







    —







    (12,273)







    (9,874)



    Proceeds from exercise of share options





    394







    —







    394







    —



    Repayment of borrowings





    (86)







    111







    (158)







    —



    Payment of lease liabilities





    (1,034)







    (930)







    (2,059)







    (2,038)



    Interest paid





    (80)







    (130)







    (151)







    (272)



    Net cash flow used in financing activities





    (806)







    (949)







    (16,711)







    (12,184)



    Net change in cash and cash equivalents





    14,323







    14,876







    46,728







    13,814



    Cash and cash equivalents at beginning of period





    84,842







    91,338







    52,414







    93,863



    Effect of exchange rate changes on cash and cash equivalents





    (1,010)







    (1,858)







    (987)







    (3,320)



    Cash and cash equivalents at end of period



    $

    98,155





    $

    104,356





    $

    98,155





    $

    104,356



     

    Opera Limited



    Supplemental Financial Information



    (In thousands, unaudited)







    Revenue







    The following table presents revenue disaggregated by type:











    Three Months Ended June 30,





    Six Months Ended June 30,







    2023





    2024





    2023





    2024



    Advertising



    $

    53,828





    $

    64,631





    $

    102,347





    $

    123,279



    Search





    38,856







    44,547







    76,644







    87,686



    Technology licensing and other revenue





    1,450







    556







    2,194







    640



    Total revenue



    $

    94,134





    $

    109,734





    $

    181,185





    $

    211,605



     

    Personnel Expenses Including Share-based Compensation



    The table below specifies personnel expenses including share-based compensation:







    Three Months Ended June 30,





    Six Months Ended June 30,







    2023





    2024





    2023





    2024



    Personnel expenses, excluding share-based compensation



    $

    (16,744)





    $

    (17,848)





    $

    (32,260)





    $

    (34,163)



    Share-based compensation expense for Opera-granted awards (1)





    (2,494)







    (502)







    (6,435)







    (1,733)



    Share-based compensation expense for parent-granted awards (2)





    (2,132)







    (1,430)







    (2,728)







    (2,809)



    Total personnel expenses including share-based compensation



    $

    (21,370)





    $

    (19,780)





    $

    (41,423)





    $

    (38,705)



    _______________

    (1)

    The cost of social security contributions payable in connection with equity awards is presented as part of the share-based compensation expense.

    (2)

    Kunlun, the ultimate parent of Opera, has granted equity awards to Opera employees as compensation for services provided to Opera. Opera does not have any obligation to settle the awards granted by Kunlun and such awards do not lead to dilution for Opera shareholders.

     

    Other Operating Expenses



    The following table specifies other operating expenses:







    Three Months Ended June 30,





    Six Months Ended June 30,







    2023





    2024





    2023





    2024



    Hosting



    $

    (2,548)





    $

    (2,809)





    $

    (5,032)





    $

    (5,817)



    Audit, legal and other advisory services





    (1,994)







    (2,588)







    (3,237)







    (4,188)



    Software license fees





    (914)







    (1,211)







    (1,467)







    (2,452)



    Rent and other office expenses





    (607)







    (576)







    (1,226)







    (1,172)



    Travel





    (442)







    (517)







    (870)







    (947)



    Other





    (809)







    (1,042)







    (1,589)







    (1,390)



    Total other operating expenses



    $

    (7,315)





    $

    (8,741)





    $

    (13,422)





    $

    (15,965)



     

    Opera Limited

    Reconciliations of Non-IFRS Financial Measures

    (In thousands, unaudited)



    The following table is a reconciliation of net income to adjusted EBITDA:







    Three Months Ended June 30,





    Six Months Ended June 30,







    2023





    2024





    2023





    2024



    Net income



    $

    13,537





    $

    19,303





    $

    29,015





    $

    34,142



    Add (deduct):

























    Income tax expense





    1,148







    2,825







    4,416







    7,454



    Net finance (income) expense





    (2,150)







    (185)







    (6,946)







    (79)



    Depreciation and amortization





    3,356







    4,012







    6,735







    7,083



    Share-based compensation expense





    4,626







    1,932







    9,163







    4,542



    Other operating income





    (51)







    (1,281)







    (180)







    (1,624)



    Adjusted EBITDA



    $

    20,466





    $

    26,606





    $

    42,204





    $

    51,519



     

    The table below reconciles net cash flow from operating activities to free cash flow from operations:







    Three Months Ended June 30,





    Six Months Ended June 30,







    2023





    2024





    2023





    2024



    Net cash flow from operating activities



    $

    15,517





    $

    17,416





    $

    41,244





    $

    48,438



    Deduct:

























    Purchase of equipment





    (219)







    (1,232)







    (537)







    (21,466)



    Development expenditure





    (1,048)







    (1,729)







    (2,114)







    (3,120)



    Payment of lease liabilities





    (1,034)







    (930)







    (2,059)







    (2,038)



    Free cash flow from operations



    $

    13,216





    $

    13,525





    $

    36,533





    $

    21,815



     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/opera-reports-second-quarter-2024-results-ahead-of-expectations-raises-full-year-outlook-again-302228507.html

    SOURCE Opera Limited

    Get the next $OPRA alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $OPRA

    DatePrice TargetRatingAnalyst
    2/5/2025$25.00Overweight
    Piper Sandler
    12/14/2023$20.00Buy
    B. Riley Securities
    12/13/2023$16.50Buy
    Goldman
    More analyst ratings

    $OPRA
    Leadership Updates

    Live Leadership Updates

    See more
    • Opera announces Opera Neon, the first AI agentic browser

      OSLO, Norway, May 28, 2025 /PRNewswire/ -- Opera, the Norwegian browser company (NASDAQ:OPRA), is announcing Opera Neon, a new agentic browser that rethinks the role of the browser in the coming generation of the AI agentic web. A result of years of development, Opera Neon is a browser that can understand users' intent and perform tasks for them as well as bring their ideas and needs to life on the web. To achieve this, Opera Neon introduces agentic AI browsing capabilities that go beyond traditional browsing and turn user intent into action.   "We're at a point where AI can fundamentally change the way we use the internet and perform all sorts of tasks in the bro

      5/28/25 6:30:00 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology
    • Opera launches Opera One R2 - the Best Opera Browser yet

      OSLO, Norway, Oct. 23, 2024 /PRNewswire/ -- Opera (NASDAQ:OPRA), the Norwegian browser company, is releasing Opera One R2, the new major version of its AI-powered browser. Building upon the modular design and integrated AI capabilities of Opera One, which was released in 2023, the new Opera One R2 introduces a host of new features and enhancements, making it the most powerful and best-looking Opera browser to date.   Opera One R2 features Opera's latest AI innovations. It also introduces dynamic themes that allow users to personalize their browsing experience with a static or animated interface, sound effects, and music. With this release Opera is also introducing

      10/23/24 7:14:00 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology
    • Eric André and Opera GX bury boring browsers in chaotic rampage

      The ax-wielding, screen shattering marketing campaign aims to rid the internet of boring browsers, burying them one-by-one OSLO, Norway , Nov. 28, 2023 /PRNewswire/ -- Are you still using that generic, boring, weak-featured browser that came pre-installed on your laptop or device? Then run for cover, because Opera GX - the browser for gamers - and Eric André, comedian, actor and host of The Eric Andre Show, are on a rampage to bury boring browsers once and for all.    In an exclusive new campaign, an ax-wielding Eric Andre mashes and smashes his way through the most uninspiring, outdated browsers on the internet. Does Eric's chaotic cull put your current browser i

      11/28/23 10:42:00 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology

    $OPRA
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13D/A filed by Opera Limited

      SC 13D/A - Opera Ltd (0001737450) (Subject)

      12/6/24 6:15:42 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology
    • SEC Form SC 13D/A filed by Opera Limited (Amendment)

      SC 13D/A - Opera Ltd (0001737450) (Subject)

      10/19/23 4:31:41 PM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology
    • SEC Form SC 13D/A filed by Opera Limited (Amendment)

      SC 13D/A - Opera Ltd (0001737450) (Subject)

      7/5/23 8:37:45 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology

    $OPRA
    SEC Filings

    See more
    • SEC Form 6-K filed by Opera Limited

      6-K - Opera Ltd (0001737450) (Filer)

      4/28/25 7:00:36 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology
    • SEC Form 20-F filed by Opera Limited

      20-F - Opera Ltd (0001737450) (Filer)

      4/10/25 6:52:41 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology
    • SEC Form 6-K filed by Opera Limited

      6-K - Opera Ltd (0001737450) (Filer)

      2/27/25 7:01:03 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology

    $OPRA
    Financials

    Live finance-specific insights

    See more
    • Opera Reports 40% Revenue Growth in the First Quarter 2025, Raises Full-Year Guidance Ranges for Both Revenue and Adjusted EBITDA

      Revenue accelerated further to 40% year-over-year growth and $142.7 million in the quarter, far exceeding the guidance range Adjusted EBITDA of $32.3 million, a 23% margin, also exceeded the guidance range Opera raises full-year guidance for both revenue and adjusted EBITDA Company guides second quarter 2025 revenue of $134 – 138 million (+24%) with adjusted EBITDA margin of 23% at the midpoints OSLO, Norway, April 28, 2025 /PRNewswire/ -- Opera Limited (NASDAQ:OPRA), one of the world's major browser developers and a leading internet consumer brand, today announced financial results for the quarter ended March 31, 2025.

      4/28/25 7:00:00 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology
    • Opera to Announce First Quarter 2025 Financial Results on April 28, 2025

      OSLO, Norway, April 16, 2025 /PRNewswire/ -- Opera Limited (NASDAQ:OPRA), one of the world's major browser developers and a leading internet consumer brand, announced today that the company's first quarter 2025 financial results will be released before the market opens on Monday, April 28, 2025. The earnings release will be available on our investor relations website at investor.opera.com. Management will host a conference call to discuss the first quarter 2025 financial results on the same day at 8:00 a.m. ET. Listeners may access the call by dialing the following numbers: Un

      4/16/25 4:05:00 PM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology
    • Opera Reports 29% Revenue Growth in the Fourth Quarter 2024, Exceeding Guidance Ranges for both Revenue and Adjusted EBITDA

      Revenue growth accelerated further to 29% year-over-year, exceeded the guidance range at $145.8 million in the quarter Adjusted EBITDA also exceeded the guidance range at $33.0 million in the quarter, a 23% margin For full year 2024, revenue grew 21% year-over-year to $480.6 million with adjusted EBITDA of $115.3 million, a 24% margin, both results significantly above initial and raised expectations Company guides first quarter 2025 revenue of $130–133 million (+29%) with adjusted EBITDA of $28–30 million (22% margin) OSLO, Norway, Feb. 27, 2025 /PRNewswire/ -- Opera Limited (NASDAQ:OPRA), one of the world's major browser developers and a leading internet consumer brand, today announced fina

      2/27/25 7:00:00 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology

    $OPRA
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Piper Sandler initiated coverage on Opera with a new price target

      Piper Sandler initiated coverage of Opera with a rating of Overweight and set a new price target of $25.00

      2/5/25 7:59:57 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology
    • B. Riley Securities resumed coverage on Opera with a new price target

      B. Riley Securities resumed coverage of Opera with a rating of Buy and set a new price target of $20.00

      12/14/23 7:42:55 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology
    • Goldman initiated coverage on Opera with a new price target

      Goldman initiated coverage of Opera with a rating of Buy and set a new price target of $16.50

      12/13/23 7:49:35 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology

    $OPRA
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Opera announces Opera Neon, the first AI agentic browser

      OSLO, Norway, May 28, 2025 /PRNewswire/ -- Opera, the Norwegian browser company (NASDAQ:OPRA), is announcing Opera Neon, a new agentic browser that rethinks the role of the browser in the coming generation of the AI agentic web. A result of years of development, Opera Neon is a browser that can understand users' intent and perform tasks for them as well as bring their ideas and needs to life on the web. To achieve this, Opera Neon introduces agentic AI browsing capabilities that go beyond traditional browsing and turn user intent into action.   "We're at a point where AI can fundamentally change the way we use the internet and perform all sorts of tasks in the bro

      5/28/25 6:30:00 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology
    • Opera GX drops new pack of features which simplifies browsing

      The new update improves multitasking efficiency, allowing you to work with multiple tabs.Opera GX's new tab management features keep gamers focused and organized, reducing the frustration of managing numerous open tabs.The update also integrates Bluesky directly into the Opera GX sidebar.OSLO, Norway, May 15, 2025 /PRNewswire/ -- Opera GX has released its new update, providing users with a pack of enhanced tab management capabilities and improved multitasking features. The update allows for side-by-side tab viewing, easy tracing of recently visited pages, and the function to organize related tabs into collapsible groups. Additionally, the update integrates Bluesky directly into the Opera GX

      5/15/25 4:08:00 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology
    • Opera Reports 40% Revenue Growth in the First Quarter 2025, Raises Full-Year Guidance Ranges for Both Revenue and Adjusted EBITDA

      Revenue accelerated further to 40% year-over-year growth and $142.7 million in the quarter, far exceeding the guidance range Adjusted EBITDA of $32.3 million, a 23% margin, also exceeded the guidance range Opera raises full-year guidance for both revenue and adjusted EBITDA Company guides second quarter 2025 revenue of $134 – 138 million (+24%) with adjusted EBITDA margin of 23% at the midpoints OSLO, Norway, April 28, 2025 /PRNewswire/ -- Opera Limited (NASDAQ:OPRA), one of the world's major browser developers and a leading internet consumer brand, today announced financial results for the quarter ended March 31, 2025.

      4/28/25 7:00:00 AM ET
      $OPRA
      Computer Software: Prepackaged Software
      Technology