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OPRA.US rose over 14% as Q3 results accelerated and beat expectations.

Market IntelTuesday, Oct 29, 2024 11:50 am ET

1min read

On Tuesday, OPRA.US opened high and continued to rise, hitting a new high this year, up more than 14% to US$19.24 as of the time of writing. On the news front, Opera's 2024 Q3 performance accelerated beyond expectations, with revenue up 20% YoY to US$123.2mn, topping the expected range; adjusted EBITDA of US$30.8mn, a margin of 25%, also topping the expected range; raised revenue and adjusted full-year EBITDA expectations, with current midpoint up 19% YoY, and adjusted EBITDA expectations also increased accordingly.

"Our business continued to show growth in Q3 2024, with revenue growth accelerating far beyond our expectations, due to our ability to promote advertising partners to an active and increasingly valuable user base," said Lin Song, co-CEO of Opera. "Our revenue performance exceeded expectations, leading to adjusted EBITDA topping our highest expectations."

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