Opera Limited (OPRA, Financial) saw its shares rise sharply, reaching a new high for the year. The stock climbed over 14% to $19.24 after the company announced impressive third-quarter results for 2024. Revenue increased by 20% year-over-year to $123.2 million, surpassing the expected range. The adjusted EBITDA was $30.8 million, with a margin of 25%, also exceeding forecasts.
The company has revised its annual revenue and adjusted EBITDA forecasts upwards, with the midpoint growth now at 19% year-on-year. This adjustment reflects the company's strong performance in the third quarter, driven by its ability to engage an active and increasingly valuable user base through enhanced advertising partnerships.
Co-CEO Lin Song highlighted the sustained growth, attributing the revenue acceleration to effective marketing strategies and expanding user engagement. The remarkable financial outcomes have led to adjusted EBITDA surpassing the anticipated maximum levels.
