Opera Registers 29% Revenue Growth In Q2 Driven By ARPU; Offers Robust Q3 Outlook

Opera Ltd OPRA reported second-quarter FY22 revenue growth of 29.4% year-on-year to $77.8 million, beating the consensus of $71.8 million.
Search revenue increased by 13% Y/Y to $33.7 million, driven by PC footprint in western markets.
Advertising revenue rose 49% Y/Y to $43.1 million from monetization growth within Opera News.
Technology licensing and other revenue was $1.0 million.
Opera reached 327 million monthly active users. The Opera GX browser user base had 17 million users across PC and mobile.
Operating expenses decreased 2% Y/Y. It reported an adjusted EBITDA margin of 21.3%.
Adjusted EPS loss of $(0.03) missed the consensus of $0.07.
Opera held $187 million in cash and equivalents and generated $1.6 million in operating cash flow.
"Despite a difficult macroeconomic backdrop, we delivered record revenue and continue to grow average revenue per user through a combination of product and high-value market initiatives" said Co-CEO Lin Song.
Outlook: Opera expects Q3 revenue of $81 million - $83 million, above the consensus of $78.6 million.
It sees FY22 revenue of $313 million - $319 million (prior view $300 million - $310 million), above the consensus of $303.6 million.
Price Action: OPRA shares closed higher by 0.2% at $4.90 on Monday.