Opera Limited announces second quarter 2018 financial results

Opera Limited (NASDAQ:OPRA), one of the world’s leading browser providers announced its unaudited financial results for the second quarter ended June 30, 2018.

The company reported that its operating revenues was US$39.8 million which is an increase of 50.3 percent year-over year.

As quoted in the press release:

Mr. Yahui Zhou, Opera’s Chairman and CEO, stated, “We are excited to present our first quarterly report after becoming a listed company, with records within both revenue and profitability. The IPO process was also very rewarding in that it allowed us to meet so many investors who share our vision – and ambition – for this great company. We continue to execute on our strategy to grow our AI-driven content recommendation platform in Africa and emerging Asia. We are very pleased that Opera News exceeded 100 million MAUs in the second quarter, marking an important milestone in our development of AI-based content services. Further, the standalone Opera News app that we launched earlier this year reached an average MAU of 7.9 million in the quarter – with 11.2 million active users in June. This is a solid foundation for further growth, and demonstrates our commitment and capability to grow and take our AI-based content services to the next level.”

Second quarter 2018 financial highlights

• Net income was $7.4 million, representing a net margin of 18.6%, compared to a net loss of $2.6 million during the second quarter of 2017, which represented a negative 9.6% margin.
• Adjusted EBITDA(1) was $16.2 million, representing an adjusted EBITDA margin of 40.6%, compared to $4.3 million during the second quarter of 2017, which represented a 16.0% margin.
• Adjusted net income(1) was $10.8 million, representing an adjusted net margin of 27.1%, compared to $1.1 million during the second quarter of 2017, which represented a 4.0% margin.

Second quarter 2018 user base highlights

• Opera News average monthly active users (“MAUs”) in the quarter was 101.0 million (+307.3% year-over-year), of which users on the standalone Opera News app that was launched in January 2018 reached 7.9 million average MAUs in the quarter, with 11.2 million active users in June 2018.
• Total smartphone users reached 182.2 million in the quarter (+13.4% year-over-year).
• Total PC users reached 57.1 million in the quarter (+25.2% year-over-year).

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