Opera Limited (Nasdaq: OPRA) (“Opera”), one of the world’s leading
browser providers and an influential player in the field of content
platforms, today announced its unaudited consolidated financial
results for the quarter ended June 30, 2019.
Second quarter 2019 financial highlights
|
|
Second quarter |
|
|
Year-over-year % |
|
|
First half |
|
|
Year-over-year % |
|
[US$
thousands, except for margins and per ADS amounts] |
|
2018 |
|
|
2019 |
|
|
change |
|
|
2018 |
|
|
2019 |
|
|
change |
|
Revenue |
|
|
39,828 |
|
|
|
61,725 |
|
|
|
55.0 |
% |
|
|
79,274 |
|
|
|
111,568 |
|
|
|
40.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
7,411 |
|
|
|
3,422 |
|
|
|
-53.8 |
% |
|
|
14,030 |
|
|
|
7,803 |
|
|
|
-44.4 |
% |
Margin |
|
|
18.6 |
% |
|
|
5.5 |
% |
|
|
|
|
|
|
17.7 |
% |
|
|
7.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (1) |
|
|
16,175 |
|
|
|
3,053 |
|
|
|
-81.1 |
% |
|
|
31,788 |
|
|
|
12,657 |
|
|
|
-60.2 |
% |
Margin |
|
|
40.6 |
% |
|
|
4.9 |
% |
|
|
|
|
|
|
40.1 |
% |
|
|
11.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income (1) |
|
|
10,783 |
|
|
|
5,859 |
|
|
|
-45.7 |
% |
|
|
20,653 |
|
|
|
12,609 |
|
|
|
-38.9 |
% |
Margin |
|
|
27.1 |
% |
|
|
9.5 |
% |
|
|
|
|
|
|
26.1 |
% |
|
|
11.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per ADS,
US$ |
|
|
0.075 |
|
|
|
0.030 |
|
|
|
-59.4 |
% |
|
|
0.143 |
|
|
|
0.070 |
|
|
|
-51.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted adjusted net income
per ADS, US$ (1) |
|
|
0.110 |
|
|
|
0.052 |
|
|
|
-52.6 |
% |
|
|
0.211 |
|
|
|
0.112 |
|
|
|
-46.9 |
% |
(1) Please see the separate section "About non-IFRS financial
measures" for the definitions of adjusted EBITDA and adjusted net
income.
Frode Jacobsen, Opera’s CFO, said, “We are very pleased with our
strong second quarter results and continued execution.
Year-over-year, our revenue growth accelerated to 55%, and we saw a
continued strong user growth. The investments we’re making in our
business are accelerating our growth trajectory and we are becoming
even stronger in Africa and other emerging markets across multiple
dimensions, including our leading browser, the rapidly growing
Opera News content platform, and our fintech offerings.
“Our strong Q2 revenue is supported by increased year-over-year
growth of both advertising and search revenues, now at 18% and 8%
respectively. Microlending revenue reached $11.6 million,
representing an increase of $6.5 million from the prior
quarter. This was fueled by continued growth in our initial market,
Kenya, and launching our second market, India.
“In summary, our newer initiatives -- including Opera News,
microlending and Opera Ads -- are already contributing
significantly to our results, and we are approaching the inflection
point of such new revenue streams exceeding our browser-based
revenue.
“Our progress on existing initiatives, as well as new
ones such as our classifieds launch in Nigeria, are setting us
up for continued strong performance in the years to come. Beyond
marketing, our 2019 investments also include additional cost of new
and growing teams to support our ambitions.”
First half 2019 includes a prior period (first quarter) revenue
adjustment of negative $1.4 million, following an internal review
of estimates pertaining to certain revenues from the microlending
business that Opera acquired in December 2018. The adjustment had
an equal impact to pre-tax profit metrics, and a negative $1.0
million impact to post-tax profit metrics.
Second quarter 2019 user base and product
highlights(All comparisons are relative to the second
quarter of 2018 unless otherwise stated)
- Opera News average Monthly Active
Users (“MAUs”) grew 61% to 163 million
- The Opera News app, launched in
January 2018, reached 37 million average MAUs, up 362% on
year-over-year basis
- Total smartphone average MAUs grew 24%
to 227 million
- PC average MAUs grew 14% to 65
million
- Provided 1.8 million microloans in the
quarter, up from 766 thousand in the first quarter
Lin Song, Opera’s COO, said, “We are pleased with our Q2 results
as all of our key metrics are tracking in the right direction. We
continue to grow users, utilize our scale to launch new products
and further expand our market opportunity.
“Opera News continues to scale rapidly and we have ambitions to
drive the user base well beyond current levels. This past quarter,
Opera News grew 61% year-over-year to 163 million monthly active
users and the news app increased over 3.5x year-over-year to 37
million MAUs. In fact, Sensor Tower recently identified Opera News
as the top downloaded global news app in the second quarter. We
also launched Opera Ads to monetize our large user base. Early
results are promising, with revenue on our news app more than
doubling versus the prior quarter, which supported the
year-over-year growth acceleration of our advertising revenue.
“We also announced that we’re expanding Opera Ads beyond large
advertisers to include a focus on small and medium sized
enterprises. Specifically, we’ve launched a classifieds product
called OList that will incorporate different verticals including
used cars, real estate and jobs. This will enable us to
meaningfully increase our total addressable advertising market in
Africa and provide another reason for users to use Opera News or
one of our browsers more frequently. The product recently launched
in Nigeria and we look forward to updating you on its progress.
“Our microlending business continues to perform well ahead of
our expectations. We expanded into India during the second quarter
and are extremely pleased with our momentum. We more than doubled
our scale from the first to the second quarter, and the business
has continued to scale nicely thus far in the third quarter.
Recently we also launched into Nigeria -- where OKash is
partnering with OPay, the mobile wallet and consumer service
company that Opera incubated. Through this partnership, OKash is
integrated in the OPay app and this will introduce our product to
users that are already using fintech services from OPay. On a
separate note, OPay received $50 million in funding during the
second quarter, including from Sequoia China, IDG, Source Code
Capital, Meituan-Dianping, GSR, Zhenge and Opera.
“On the browser side, we continue to focus on product
differentiation. During the quarter, we launched Opera GX, a PC web
browser tailored for gamers. The new browser allows PC gamers to
customize and tune their browser to improve their gaming
experience. Early results are promising with user engagement
indexing well above our typical averages. This, along with our
continued privacy efforts, led to 14% year-over-year growth in PC
users. Additionally, the growth in our smartphone browser base is
fueled by our high-end mobile browser, Opera for Android, now
representing 34% of our smartphone browser base compared to 24% in
the second quarter of 2018.
“The progress we’ve made across multiple fronts this quarter is
impressive. We continue to grow our user base and are at the early
stages of improving monetization -- whether it is through
advertising, classifieds, fintech or a future initiative. We
believe the combination of more users, increased engagement and
better monetization will lead to significant multi-year growth for
Opera.”
Business outlook
Mr. Frode Jacobsen, Opera’s CFO, said, “In light of the success
we achieved during the first half of 2019, and most notably the
recent traction that has carried into the second half of the year,
we are again raising our full-year revenue expectations. We now
expect 63% revenue growth at the midpoint of our 2019 guidance.
This view includes significant growth in our microlending business,
well beyond earlier expectations, capturing a very strong launch in
India and from continued scaling in Kenya as well as our launch in
Nigeria. Additionally, we expect continued advertising growth,
while we still consider our newest initiatives more relevant for
2020 than 2019, including OList and additional fintech efforts.
Further, we are raising the lower end of our full year Adjusted
EBITDA guidance due to the revenue upside, while
also increasing our non-marketing investment levels underlying
our growth initiatives.”
As a result, Opera expects full year and third quarter 2019
revenue and adjusted EBITDA to be in the following ranges:
Full Year:
- Revenue of $270 - $290 million, or
57 - 68% year-over-year, an increase from our previous
guidance of $230 - $240 million
- Adjusted EBITDA of $35 - $45
million, which includes the previously disclosed incremental
marketing investments as well as non-marketing investments in our
new initiatives, and compares to prior guidance of $30 - $45
million
Third Quarter:
- Revenue of $75 -
$85 million, or 75 - 99% growth versus the third quarter
of 2018. Fintech revenues and continued accelerated growth in
advertising revenues are expected to be the most important growth
drivers
- Adjusted EBITDA of $8 - $12
million
Second quarter 2019 consolidated financial
results
All comparisons in this section are relative to the second
quarter of 2018 unless otherwise stated.
Revenue increased 55.0% to
$61.7 million.
- Search revenue increased 8.3% to $21.4
million, accelerating primarily due to search optimization and PC
browser growth.
- Advertising revenue increased 17.8% to
$16.2 million, accelerating due to an increase in both smartphone
and desktop users and the launch of Opera Ads
- Fintech revenue was $11.6 million
(no comparable 2018 revenue). This revenue showed sequential growth
of 130.0% versus the prior quarter due to continued growth in Kenya
and the launch in India.
- Retail revenue was $7.6 million (no
comparable 2018 revenue). This revenue showed sequential growth of
12.1% versus the prior quarter, representing a fluctuation as the
category is expected to remain relatively stable in the near-term
prior to potentially exploring a wider retail opportunity.
- Technology licensing and other revenue
was $4.9 million, representing a decrease of 22.1%. We continue to
expect this revenue category to decline over time.
Operating expenses increased 119.6% to $64.5
million.
- Cost of revenue was $10.1 million,
compared to $1.4 million in the second quarter of 2018. Within the
total, $7.7 million related to retail revenue, $1.8 million related
to microlending and $0.6 million related to the browser and news
business area.
- Personnel expenses including
share-based remuneration were $15.6 million, a 66.5% increase. This
expense consists of cash-based compensation expense of $14.0
million, a 53.7% increase, driven primarily by increased headcount
related to investee support, Opera News, Opera Ads, microlending
and other growth initiatives, and $1.5 million of share-based
remuneration expense.
- Marketing and distribution expenses
were $21.1 million, an increase of 169.0% following our previously
announced efforts to further invest in accelerating our growth in
2019.
- Credit loss expense was
$5.8 million, of which $5.4 million related to our Fintech
microlending business, compared to an overall gain of $0.1 million
from accrual reversals in the second quarter of 2018.
- Depreciation and amortization expenses
were $4.3 million, a 26.7% increase. The increase is largely the
result of the adoption of IFRS 16 on January 1, 2019.
- Other expenses were $7.7 million, a
2.4% increase.
Operating loss was $2.8 million,
representing an operating margin of negative 4.5%, compared to
$10.5 million and a 26.3% margin. The decline was largely due to
the increased investment in marketing and distribution activities
in the quarter and increased headcount associated with our growth
initiatives.
Share of net income of associates and joint
ventures amounted to $4.0 million, including a non-cash
gain from the increased OPay valuation in connection with the
company’s funding round.
Income tax gain was $1.0 million, compared
to an expense of $2.5 million in the second quarter of 2018.
Net income was $3.4 million, compared to
$7.4 million in the second quarter of 2018.
Net income per ADS was $0.031 in the quarter,
and $0.030 on a diluted basis. Adjusted net income per
ADS was $0.053 in the quarter, and $0.052 on a
diluted basis. Each ADS represents two shares in Opera Limited. In
the quarter, the average number of shares outstanding was 220.6
million, corresponding to 110.3 million ADSs.
Adjusted EBITDA was $3.1 million, representing
an 4.9% adjusted EBITDA margin, compared to $16.2 million in second
quarter 2018. Adjusted EBITDA excludes share-based
remuneration.
Adjusted Net Income was $5.9 million in
the quarter, representing a 9.5% adjusted net margin compared to
$10.8 million in second quarter 2018. Adjusted net income excludes
share-based remuneration and amortization of intangible assets
related to acquisitions (all of which relates to the Opera
privatization in 2016). Adjusted net income further includes
partially offsetting reversals of the tax impacts of the foregoing
adjustments.
Conference call
Opera’s management team will host a conference call at 8:00 AM
U.S. Eastern Time (2:00 PM Central European Time, 9:00 PM
Beijing/Hong Kong time) on Thursday, August 22, 2019.
The dial-in details for the live conference call are:
United States: +1 (877) 506-7703China: +86 400 682 8609Hong
Kong: +852 3011 4522Norway: +47 2231 0524United Kingdom: +44 (0)203
107 0289International: +1 (786) 815-8450Confirmation Code:
6995974
A live webcast of the conference call will be posted at
https://investor.opera.com.
About non-IFRS financial measures
To supplement our consolidated financial statements, which are
prepared and presented based on IFRS, we use adjusted EBITDA and
adjusted net income, both non-IFRS financial measures, to
understand and evaluate our core operating performance. These
non-IFRS financial measures, which may differ from similarly titled
measures used by other companies, are presented to enhance
investors’ overall understanding of our financial performance and
should not be considered a substitute for, or superior to, the
financial information prepared and presented in accordance with
IFRS.
We define adjusted EBITDA as net income (loss) excluding income
tax expense (benefit), net finance expense (income), share of net
loss (income) of associates and joint ventures, restructuring
costs, depreciation and amortization, share-based remuneration and
expensed costs related to our initial public offering, less other
income.
We define adjusted net income as net income excluding
share-based remuneration, amortization of acquired intangible
assets, and expensed costs related to our initial public
offering.
We believe that adjusted EBITDA and adjusted net income provides
useful information to investors and others in understanding and
evaluating our operating results. These non-IFRS financial measures
adjust for the impact of items that we do not consider indicative
of the operational performance of our business. While we believe
that these non-IFRS financial measures are useful in evaluating our
business, this information should be considered as supplemental in
nature and is not meant as a substitute for the related financial
information prepared and presented in accordance with IFRS. Please
refer to our financial statements at the end of this announcement
for a table reconciling our non-IFRS financial measures to net
income (loss), the most directly comparable IFRS financial
measure.
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,”
“expects,” “believes,” “anticipates,” “intends,” “estimates” and
similar statements. Among other things, management’s quotations and
the Business outlook section contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about Opera and the
industry. Potential risks and uncertainties include, but are not
limited to, those relating to its goals and strategies; its
expected development and launch, and market acceptance, of its
products and services; its expectations regarding demand for and
market acceptance of our brand, platforms and services; our
expectations regarding growth in our user base and level of
engagement; its ability to attract, retain and monetize users; its
ability to continue to develop new technologies and/or upgrade our
existing technologies and quarterly variations in its operating
results caused by factors beyond its control and global
macroeconomic conditions and its potential impact in the markets it
has businesses. All information provided in this press release is
as of the date hereof, and Opera 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 Opera 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 Opera’s filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F.
About Opera
Founded in 1995 in Norway, Opera delivers browsers and AI-driven
digital content platforms to more than 350 million people
worldwide. The company remains one of the most innovative browser
creators in the world. Opera is listed on Nasdaq under the OPRA
ticker symbol.
Investor Relations Contact:
Derrick Nuemaninvestor-relations@opera.com or (408) 596-3055
For media enquiries, please contact: press-team@opera.com
OPERA LIMITEDUNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
|
|
Three Months Ended June30, |
|
|
Six Months Ended June 30, |
|
[US$ thousands, except per
share and ADSamounts] |
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
Revenue |
|
|
39,828 |
|
|
|
61,725 |
|
|
|
79,274 |
|
|
|
111,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
(1,401 |
) |
|
|
(10,087 |
) |
|
|
(2,079 |
) |
|
|
(17,883 |
) |
Personnel expenses including
share-based remuneration |
|
|
(9,356 |
) |
|
|
(15,581 |
) |
|
|
(20,466 |
) |
|
|
(26,685 |
) |
Marketing and distribution
expenses |
|
|
(7,838 |
) |
|
|
(21,084 |
) |
|
|
(15,176 |
) |
|
|
(35,770 |
) |
Credit loss expense |
|
|
114 |
|
|
|
(5,776 |
) |
|
|
329 |
|
|
|
(7,633 |
) |
Depreciation and
amortization |
|
|
(3,379 |
) |
|
|
(4,281 |
) |
|
|
(6,766 |
) |
|
|
(8,423 |
) |
Other expenses |
|
|
(7,500 |
) |
|
|
(7,677 |
) |
|
|
(14,871 |
) |
|
|
(13,909 |
) |
Total operating
expenses |
|
|
(29,359 |
) |
|
|
(64,486 |
) |
|
|
(59,029 |
) |
|
|
(110,303 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(loss) |
|
|
10,469 |
|
|
|
(2,762 |
) |
|
|
20,245 |
|
|
|
1,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of net income (loss) of
associates and joint ventures |
|
|
(615 |
) |
|
|
3,981 |
|
|
|
(1,624 |
) |
|
|
2,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net finance income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income |
|
|
102 |
|
|
|
1,668 |
|
|
|
198 |
|
|
|
3,359 |
|
Finance expense |
|
|
(43 |
) |
|
|
(173 |
) |
|
|
(77 |
) |
|
|
(326 |
) |
Net foreign exchange gain
(loss) |
|
|
31 |
|
|
|
(309 |
) |
|
|
112 |
|
|
|
(154 |
) |
Net finance income
(expense) |
|
|
91 |
|
|
|
1,186 |
|
|
|
233 |
|
|
|
2,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
before income taxes |
|
|
9,945 |
|
|
|
2,406 |
|
|
|
18,854 |
|
|
|
7,100 |
|
Income tax (expense)
benefit |
|
|
(2,535 |
) |
|
|
1,016 |
|
|
|
(4,824 |
) |
|
|
703 |
|
Net income
(loss) |
|
|
7,411 |
|
|
|
3,422 |
|
|
|
14,030 |
|
|
|
7,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent |
|
|
7,411 |
|
|
|
3,422 |
|
|
|
14,030 |
|
|
|
7,803 |
|
Non-controlling interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total net income
(loss) attributed |
|
|
7,411 |
|
|
|
3,422 |
|
|
|
14,030 |
|
|
|
7,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, millions(1) |
|
|
190.25 |
|
|
|
220.58 |
|
|
|
190.25 |
|
|
|
219.68 |
|
Diluted, millions(2) |
|
|
196.62 |
|
|
|
224.65 |
|
|
|
195.98 |
|
|
|
224.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$ |
|
|
0.039 |
|
|
|
0.016 |
|
|
|
0.074 |
|
|
|
0.036 |
|
Diluted, US$ |
|
|
0.038 |
|
|
|
0.015 |
|
|
|
0.072 |
|
|
|
0.035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$ |
|
|
0.078 |
|
|
|
0.031 |
|
|
|
0.147 |
|
|
|
0.071 |
|
Diluted, US$ |
|
|
0.075 |
|
|
|
0.030 |
|
|
|
0.143 |
|
|
|
0.070 |
|
(1) Assuming 200 million shares in Opera Limited were
outstanding for all periods presented prior to the Initial Public
Offering (IPO), less 9.75 million shares that were surrendered
by two shareholders upon completion of the IPO. As of June 30,
2019, the total number of shares outstanding for Opera Limited
was 220,576,326, equivalent to 110,288,163 ADSs.
(2) Includes the net dilutive impact of employee equity awards,
all of which are dilutive.
OPERA LIMITEDUNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(LOSS)
|
|
Three Months Ended June30, |
|
|
Six Months Ended June 30, |
|
[US$ thousands] |
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
Net income (loss) |
|
|
7,411 |
|
|
|
3,422 |
|
|
|
14,030 |
|
|
|
7,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss) that may be reclassified to the Statement of
Operations in subsequent periods (net of tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on
translation of foreign operations |
|
|
(1,500 |
) |
|
|
404 |
|
|
|
(1,096 |
) |
|
|
(96 |
) |
Reclassification of exchange
differences on loss of control |
|
|
(138 |
) |
|
|
(7 |
) |
|
|
(138 |
) |
|
|
(7 |
) |
Share of other comprehensive
income (loss) of associates and joint ventures |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(41 |
) |
Net other
comprehensive income (loss) that may be reclassified to the
Statement of Operations in subsequent periods |
|
|
(1,638 |
) |
|
|
397 |
|
|
|
(1,234 |
) |
|
|
(144 |
) |
Total comprehensive
income (loss) |
|
|
5,773 |
|
|
|
3,820 |
|
|
|
12,796 |
|
|
|
7,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income (loss) attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent |
|
|
5,773 |
|
|
|
3,820 |
|
|
|
12,796 |
|
|
|
7,659 |
|
Non-controlling interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total comprehensive
income (loss) attributed |
|
|
5,773 |
|
|
|
3,820 |
|
|
|
12,796 |
|
|
|
7,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERA LIMITEDUNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
|
As of December31, |
|
|
As of June 30, |
|
[US$ thousands] |
|
2018 |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
Furniture, fixtures and
equipment |
|
|
12,162 |
|
|
|
27,362 |
|
Intangible assets |
|
|
115,444 |
|
|
|
113,507 |
|
Goodwill |
|
|
421,578 |
|
|
|
421,578 |
|
Investments in associates and
joint ventures |
|
|
35,060 |
|
|
|
44,290 |
|
Other financial assets |
|
|
2,025 |
|
|
|
2,727 |
|
Deferred tax assets |
|
|
944 |
|
|
|
676 |
|
Total non-current
assets |
|
|
587,213 |
|
|
|
610,140 |
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Trade receivables |
|
|
37,468 |
|
|
|
40,963 |
|
Loans to customers |
|
|
- |
|
|
|
22,255 |
|
Other receivables |
|
|
7,123 |
|
|
|
3,901 |
|
Prepayments |
|
|
14,372 |
|
|
|
24,034 |
|
Other financial assets |
|
|
1,254 |
|
|
|
16,886 |
|
Cash and cash equivalents |
|
|
177,873 |
|
|
|
134,155 |
|
Total current
assets |
|
|
238,090 |
|
|
|
242,194 |
|
TOTAL
ASSETS |
|
|
825,303 |
|
|
|
852,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY AND
LIABILITIES |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Share capital |
|
|
22 |
|
|
|
22 |
|
Other paid in capital |
|
|
738,690 |
|
|
|
732,910 |
|
Retained earnings |
|
|
36,432 |
|
|
|
46,538 |
|
Foreign currency translation
reserve |
|
|
316 |
|
|
|
172 |
|
Equity attributed to
equity holders of the parent |
|
|
775,460 |
|
|
|
779,642 |
|
Non-controlling interests |
|
|
- |
|
|
|
- |
|
Total
equity |
|
|
775,460 |
|
|
|
779,642 |
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Lease liabilities and other
loans |
|
|
2,271 |
|
|
|
10,053 |
|
Deferred tax liabilities |
|
|
13,358 |
|
|
|
13,756 |
|
Other non-current
liabilities |
|
|
212 |
|
|
|
197 |
|
Total non-current
liabilities |
|
|
15,841 |
|
|
|
24,006 |
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Trade and other payables |
|
|
17,957 |
|
|
|
32,174 |
|
Lease liabilities and other
loans |
|
|
2,490 |
|
|
|
6,988 |
|
Income tax payable |
|
|
1,920 |
|
|
|
724 |
|
Deferred revenue |
|
|
1,932 |
|
|
|
1,218 |
|
Other current liabilities |
|
|
9,701 |
|
|
|
7,581 |
|
Total current
liabilities |
|
|
34,002 |
|
|
|
48,685 |
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
49,843 |
|
|
|
72,692 |
|
TOTAL EQUITY AND
LIABILITIES |
|
|
825,303 |
|
|
|
852,333 |
|
|
|
|
|
|
|
|
|
|
OPERA LIMITEDUNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
[US$ thousands] |
|
Sharecapital (1) |
|
|
Other paidin capital (1) |
|
|
Retainedearnings |
|
|
Foreigncurrencytranslationreserve |
|
|
Total equity |
|
As of December 31, 2017, as previously
reported |
|
|
19 |
|
|
|
576,512 |
|
|
|
5,366 |
|
|
|
1,605 |
|
|
|
583,503 |
|
Impact of new accounting
standards |
|
|
- |
|
|
|
- |
|
|
|
(629 |
) |
|
|
- |
|
|
|
(629 |
) |
As of January 1, 2018,
restated |
|
|
19 |
|
|
|
576,512 |
|
|
|
4,737 |
|
|
|
1,605 |
|
|
|
582,874 |
|
Net income (loss) |
|
|
- |
|
|
|
- |
|
|
|
14,030 |
|
|
|
- |
|
|
|
14,030 |
|
Other comprehensive income
(loss) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,234 |
) |
|
|
(1,234 |
) |
Total comprehensive
income (loss) |
|
|
- |
|
|
|
- |
|
|
|
14,030 |
|
|
|
(1,234 |
) |
|
|
12,796 |
|
Share-based remuneration
expense |
|
|
- |
|
|
|
- |
|
|
|
2,916 |
|
|
|
- |
|
|
|
2,916 |
|
As of June 30,
2018 |
|
|
19 |
|
|
|
576,512 |
|
|
|
21,683 |
|
|
|
372 |
|
|
|
598,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[US$ thousands] |
|
Sharecapital (1) |
|
|
Other paidin capital (1) |
|
|
Retainedearnings |
|
|
Foreigncurrencytranslationreserve |
|
|
Total equity |
|
As of December 31, 2018 |
|
|
22 |
|
|
|
738,690 |
|
|
|
36,432 |
|
|
|
316 |
|
|
|
775,460 |
|
Impact of implementing IFRS 16
Leases |
|
|
- |
|
|
|
- |
|
|
|
64 |
|
|
|
- |
|
|
|
64 |
|
As of January 1, 2019,
restated |
|
|
22 |
|
|
|
738,690 |
|
|
|
36,496 |
|
|
|
316 |
|
|
|
775,524 |
|
Net income (loss) |
|
|
- |
|
|
|
- |
|
|
|
7,803 |
|
|
|
- |
|
|
|
7,803 |
|
Other comprehensive income
(loss) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(144 |
) |
|
|
(144 |
) |
Total comprehensive
income (loss) |
|
|
- |
|
|
|
- |
|
|
|
7,803 |
|
|
|
(144 |
) |
|
|
7,659 |
|
Acquisition of treasury
shares |
|
|
- |
|
|
|
(5,780 |
) |
|
|
- |
|
|
|
- |
|
|
|
(5,780 |
) |
Share-based remuneration
expense |
|
|
- |
|
|
|
- |
|
|
|
2,238 |
|
|
|
- |
|
|
|
2,238 |
|
As of June 30,
2019 |
|
|
22 |
|
|
|
732,910 |
|
|
|
46,538 |
|
|
|
172 |
|
|
|
779,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The amounts of share capital and other paid in capital have
been amended by reclassifying amounts between the two equity
components.
OPERA LIMITEDUNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
[US$ thousands] |
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
Net cash flow from (used in) operating activities |
|
|
10,756 |
|
|
|
(16,026 |
) |
|
|
14,893 |
|
|
|
(6,920 |
) |
Net cash flow from (used in)
investing activities |
|
|
(3,738 |
) |
|
|
(17,789 |
) |
|
|
(1,287 |
) |
|
|
(27,483 |
) |
Net cash flow from (used in)
financing activities |
|
|
(1,296 |
) |
|
|
(1,670 |
) |
|
|
(2,346 |
) |
|
|
(9,165 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and
cash equivalents |
|
|
5,722 |
|
|
|
(35,485 |
) |
|
|
11,260 |
|
|
|
(43,568 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at
beginning of period |
|
|
39,300 |
|
|
|
169,846 |
|
|
|
33,207 |
|
|
|
177,873 |
|
Net foreign exchange
difference |
|
|
(1,028 |
) |
|
|
(205 |
) |
|
|
(474 |
) |
|
|
(149 |
) |
Cash and cash
equivalents at end of period |
|
|
43,993 |
|
|
|
134,155 |
|
|
|
43,993 |
|
|
|
134,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial details by business area
The tables below specify the contribution by each business
area:
[US$ thousands] |
|
Three months ended June 30, 2018 |
|
Business area |
|
Browserand News |
|
|
Fintech |
|
|
Retail |
|
|
Other |
|
|
Total |
|
Revenue categories |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Search |
|
|
19,769 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
19,769 |
|
Advertising |
|
|
13,718 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
13,718 |
|
Origination fees and
interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Airtime and handsets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Technology licensing and other
revenue |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,342 |
|
|
|
6,342 |
|
Total
revenue |
|
|
33,487 |
|
|
|
- |
|
|
|
- |
|
|
|
6,342 |
|
|
|
39,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
(1,401 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,401 |
) |
Marketing and distribution
expenses |
|
|
(7,838 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,838 |
) |
Credit loss expense |
|
|
114 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
114 |
|
Direct
expenses |
|
|
(9,125 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(9,125 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
business area |
|
|
24,362 |
|
|
|
- |
|
|
|
- |
|
|
|
6,342 |
|
|
|
30,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[US$ thousands] |
|
Three months ended June 30, 2019 |
|
Business area |
|
Browserand News |
|
|
Fintech |
|
|
Retail |
|
|
Other |
|
|
Total |
|
Revenue categories |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Search |
|
|
21,403 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
21,403 |
|
Advertising |
|
|
16,158 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16,158 |
|
Origination fees and
interest |
|
|
- |
|
|
|
11,576 |
|
|
|
- |
|
|
|
- |
|
|
|
11,576 |
|
Airtime and handsets |
|
|
- |
|
|
|
- |
|
|
|
7,646 |
|
|
|
- |
|
|
|
7,646 |
|
Technology licensing and other
revenue |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,943 |
|
|
|
4,943 |
|
Total
revenue |
|
|
37,561 |
|
|
|
11,576 |
|
|
|
7,646 |
|
|
|
4,943 |
|
|
|
61,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
(648 |
) |
|
|
(1,783 |
) |
|
|
(7,656 |
) |
|
|
- |
|
|
|
(10,087 |
) |
Marketing and distribution
expenses |
|
|
(20,724 |
) |
|
|
(360 |
) |
|
|
- |
|
|
|
- |
|
|
|
(21,084 |
) |
Credit loss expense |
|
|
(413 |
) |
|
|
(5,364 |
) |
|
|
- |
|
|
|
- |
|
|
|
(5,777 |
) |
Direct
expenses |
|
|
(21,785 |
) |
|
|
(7,507 |
) |
|
|
(7,656 |
) |
|
|
- |
|
|
|
(36,948 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
business area |
|
|
15,776 |
|
|
|
4,069 |
|
|
|
(10 |
) |
|
|
4,943 |
|
|
|
24,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[US$ thousands] |
|
Six months ended June 30, 2018 |
|
Business area |
|
Browserand News |
|
|
Fintech |
|
|
Retail |
|
|
Other |
|
|
Total |
|
Revenue categories |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Search |
|
|
39,985 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
39,985 |
|
Advertising |
|
|
26,634 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
26,634 |
|
Origination fees and
interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Airtime and handsets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Technology licensing and other
revenue |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,655 |
|
|
|
12,655 |
|
Total
revenue |
|
|
66,619 |
|
|
|
- |
|
|
|
- |
|
|
|
12,655 |
|
|
|
79,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
(2,079 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,079 |
) |
Marketing and distribution
expenses |
|
|
(15,176 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(15,176 |
) |
Credit loss expense |
|
|
329 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
329 |
|
Direct
expenses |
|
|
(16,926 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(16,926 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
business area |
|
|
49,693 |
|
|
|
- |
|
|
|
- |
|
|
|
12,655 |
|
|
|
62,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[US$ thousands] |
|
Six months ended June 30, 2019 |
|
Business area |
|
Browserand News |
|
|
Fintech |
|
|
Retail |
|
|
Other |
|
|
Total |
|
Revenue categories |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Search |
|
|
41,987 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
41,987 |
|
Advertising |
|
|
30,300 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30,300 |
|
Origination fees and
interest |
|
|
- |
|
|
|
16,608 |
|
|
|
- |
|
|
|
- |
|
|
|
16,608 |
|
Airtime and handsets |
|
|
- |
|
|
|
- |
|
|
|
14,465 |
|
|
|
- |
|
|
|
14,465 |
|
Technology licensing and other
revenue |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,208 |
|
|
|
8,208 |
|
Total
revenue |
|
|
72,287 |
|
|
|
16,608 |
|
|
|
14,465 |
|
|
|
8,208 |
|
|
|
111,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
(1,213 |
) |
|
|
(2,261 |
) |
|
|
(14,409 |
) |
|
|
- |
|
|
|
(17,883 |
) |
Marketing and distribution
expenses |
|
|
(34,899 |
) |
|
|
(871 |
) |
|
|
- |
|
|
|
- |
|
|
|
(35,770 |
) |
Credit loss expense |
|
|
(545 |
) |
|
|
(7,088 |
) |
|
|
- |
|
|
|
- |
|
|
|
(7,633 |
) |
Direct
expenses |
|
|
(36,657 |
) |
|
|
(10,220 |
) |
|
|
(14,409 |
) |
|
|
- |
|
|
|
(61,286 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
business area |
|
|
35,630 |
|
|
|
6,388 |
|
|
|
56 |
|
|
|
8,208 |
|
|
|
50,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below specifies the amounts of personnel expenses
including share-based remuneration:
[US$ thousands] |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
Personnel expenses including share-based
remuneration |
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
Personnel expenses excluding share-based remuneration |
|
|
9,138 |
|
|
|
14,048 |
|
|
|
17,799 |
|
|
|
23,715 |
|
Share-based remuneration,
including related social security costs |
|
|
218 |
|
|
|
1,533 |
|
|
|
2,667 |
|
|
|
2,970 |
|
Total |
|
|
9,356 |
|
|
|
15,581 |
|
|
|
20,466 |
|
|
|
26,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses
The table below specifies the nature of other expenses:
[US$ thousands] |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
Other expenses |
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
Hosting |
|
|
2,561 |
|
|
|
1,852 |
|
|
|
5,178 |
|
|
|
3,379 |
|
Audit, legal and other
advisory services |
|
|
2,631 |
|
|
|
2,338 |
|
|
|
4,879 |
|
|
|
3,972 |
|
Software license fees |
|
|
399 |
|
|
|
860 |
|
|
|
891 |
|
|
|
1,564 |
|
Rent and other office
expense |
|
|
1,214 |
|
|
|
1,249 |
|
|
|
2,336 |
|
|
|
2,373 |
|
Travel |
|
|
510 |
|
|
|
806 |
|
|
|
1,030 |
|
|
|
1,385 |
|
Other |
|
|
186 |
|
|
|
573 |
|
|
|
558 |
|
|
|
1,238 |
|
Total |
|
|
7,500 |
|
|
|
7,677 |
|
|
|
14,871 |
|
|
|
13,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS financial measures
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
[US$ thousands, except per
share and ADS amounts] |
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
Reconciliation of net income (loss) to adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
|
7,411 |
|
|
|
3,422 |
|
|
|
14,030 |
|
|
|
7,803 |
|
Add: Income tax expense
(benefit) |
|
|
2,535 |
|
|
|
(1,016 |
) |
|
|
4,824 |
|
|
|
(703 |
) |
Add: Net finance expense
(income) |
|
|
(91 |
) |
|
|
(1,186 |
) |
|
|
(233 |
) |
|
|
(2,879 |
) |
Add: Share of net loss
(income) of associates and joint ventures |
|
|
615 |
|
|
|
(3,981 |
) |
|
|
1,624 |
|
|
|
(2,957 |
) |
Add: Depreciation and
amortization |
|
|
3,379 |
|
|
|
4,281 |
|
|
|
6,766 |
|
|
|
8,423 |
|
Add: Share-based
remuneration |
|
|
218 |
|
|
|
1,533 |
|
|
|
2,667 |
|
|
|
2,970 |
|
Add: Expensed IPO-related
costs |
|
|
2,110 |
|
|
|
- |
|
|
|
2,110 |
|
|
|
- |
|
Adjusted
EBITDA |
|
|
16,175 |
|
|
|
3,053 |
|
|
|
31,788 |
|
|
|
12,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income
(loss) to adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(loss) |
|
|
7,411 |
|
|
|
3,422 |
|
|
|
14,030 |
|
|
|
7,803 |
|
Add: Share-based
remuneration |
|
|
218 |
|
|
|
1,533 |
|
|
|
2,667 |
|
|
|
2,970 |
|
Add: Amortization of acquired
intangible assets |
|
|
1,280 |
|
|
|
1,280 |
|
|
|
2,560 |
|
|
|
2,560 |
|
Add: Expensed IPO-related
costs |
|
|
2,110 |
|
|
|
- |
|
|
|
2,110 |
|
|
|
- |
|
Income tax adjustment (1) |
|
|
(235 |
) |
|
|
(376 |
) |
|
|
(713 |
) |
|
|
(724 |
) |
Adjusted net
income |
|
|
10,783 |
|
|
|
5,859 |
|
|
|
20,653 |
|
|
|
12,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, millions |
|
|
190.25 |
|
|
|
220.58 |
|
|
|
190.25 |
|
|
|
219.68 |
|
Diluted, millions |
|
|
196.62 |
|
|
|
224.65 |
|
|
|
195.98 |
|
|
|
224.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
(loss) per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$ |
|
|
0.057 |
|
|
|
0.027 |
|
|
|
0.109 |
|
|
|
0.057 |
|
Diluted, US$ |
|
|
0.055 |
|
|
|
0.026 |
|
|
|
0.105 |
|
|
|
0.056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
(loss) per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$ |
|
|
0.113 |
|
|
|
0.053 |
|
|
|
0.217 |
|
|
|
0.115 |
|
Diluted, US$ |
|
|
0.110 |
|
|
|
0.052 |
|
|
|
0.211 |
|
|
|
0.112 |
|
(1) Reversal of tax benefit related to the social security cost
component of share-based remuneration, deferred taxes on
the amortization of acquired intangible assets, and expensed
IPO-related costs.
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