The following is a summary of the Opera Limited (OPRA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Opera reported a revenue of $102 million for Q1 2024, surpassing its initial forecast.

• A notable increase was observed in both search and advertising revenue, rising by 14% to $43 million, and by 21% to $59 million respectively.

• The company's adjusted EBITDA stands at $25 million, marking a margin of 24%.

• Opera's 9.4% stake in OPay has an estimated worth of $253 million.

• Revenue targets for Q2 stand between $107 million to $109 million, while adjusted EBITDA is expected to be $22 million to $25 million.

• The company exhausted their last $50 million buyback plan.

• Marketing spend is set to increase by $1 million to $2 million per quarter for the rest of the year, following a 2% decrease from Q4 in Q1's expenditure, which aligns with earlier expectations.

Business Progress:

• Opera observed user growth in high ARPU markets, with the annualized ARPU going up by 24% to $1.34.

• Success was noted in the implementation of new features like the AI feature, Aria, and the GX browser, hitting 29.5 million users.

• The company is preparing for iOS investments following the enforcement of the Digital Markets Act in the EU.

• Opera's AI cloud store in Iceland, which is powered entirely by renewable energy, is completely functional. The company foresees continued growth while maintaining a yearly adjusted EBITDA margin of 24%.

• The company's AI-focused browser, Opera One, has been expanded to support 150 local models, with the most popular ones being Llama, Gamma, and Llama 3.

• Following DMA implementation, more users are defaulting to the Opera browser, causing an uptake in user activities.

• Efforts will be continued to elevate awareness and recognition of Opera GX in new territories.

More details: Opera IR

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