Opera Limited OPRA reported fourth-quarter fiscal 2023 revenue growth of 17% year-on-year to $113.00 million, beating the consensus of $112.2 million.
EPS per ADS of $1.38 beat the consensus of $0.23. The stock price gained after the results.
Opera reached 313 million monthly active users versus 311 million Q/Q. The Opera GX browser user base had 27.8 million users across PC and mobile, up 7% Q/Q.
Search revenue increased by 15% Y/Y to $44.7 million, driven by PC footprint in Western markets.
Advertising revenue rose 20% Y/Y to $67.8 million, supported by the browser monetization trajectory and Opera Ads platform. Technology licensing and other revenue was $0.5 million.
Operating expenses increased 10% Y/Y. The adjusted EBITDA margin improved by 90 bps to 24.6%.
Opera held $93.9 million in cash and equivalents as of Dec. 31, 2023, and generated $25.3 million in operating cash flow.
“Our high-ARPU user growth trajectory remains strong, fueled by our unique browser offering. In addition, we are experiencing increased interest from monetization partners as our Western user base continues to scale, and we are excited about new engagement and monetization opportunities around browser AI,” continued co-CEO Lin Song.
Outlook: Opera expects fiscal 2024 revenue of $450 million – $465 million vs. consensus $455.4 million.
It projected a first-quarter revenue of $99 million – $101 million versus a consensus of $99.6 million.
Price Action: OPRA shares were up 2.04% at $11.86 at last check Thursday.
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