Norway's Opera Q3 revenue rises on desktop user growth

Overview

• Norway browser and AI agent firm's preliminary Q3 revenue rose 20% yr/yr to top end of guidance

• Preliminary adjusted EBITDA exceeded high end of guidance at $43.2 mln, margin 24%

• Desktop users reached 100 mln MAUs in October, up 16% yr/yr

Outlook

• Opera did not provide specific guidance for Q4 or the full year in the press release

Result Drivers

• DESKTOP USER GROWTH - Co said desktop user base reached 100 mln MAUs in October, up 16% yr/yr, following product releases

• ADVERTISING REVENUE - CFO said advertising revenue grew 22% yr/yr, fueling strong Q3 results

• QUERY REVENUE - CFO said query revenue grew 17% yr/yr, contributing to Q3 performance

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the software peer group is "buy"

• Wall Street's median 12-month price target for Opera Ltd is $26.00, about 75.6% above its November 2 closing price of $14.81

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 12 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)