Opera Limited (NASDAQ:OPRA) Q2 2024 Earnings Conference Call August 22, 2024 8:00 AM ET

Company Participants

Matt Wolfson - Head of IR
Song Lin - Co-CEO
Frode Jacobsen - CFO

Conference Call Participants

Naved Khan - B. Riley
Eric Sheridan - Goldman Sachs
Lance Vitanza - TD Cowen
Mark Argento - Lake Street
Alicia Yap - Citi

Operator

Good day and welcome to the Opera Limited Second Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Opera tor Instructions]

I would now like to turn the call over to your speaker today, Matt Wolfson, Head of Investor Relations. Please begin.

Matt Wolfson

Thank you for joining us. This morning, I am joined by our co-CEO, Song Lin, and our CFO, Frode Jacobsen. Before I hand over the call to Song Lin, I would like to remind you that some of the statements that we make today regarding our business, Operations, and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to the Safe Harbor Statement in our earnings release and our Form 20-F including the risk factors.

We undertake no obligation to update any forward-looking statement. During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of non-IFRS to IFRS measures is included in today's earnings press release, which is distributed and available to the public through our investor relations website located at investor.opera.com. Our comments will be on year-over-year comparisons unless we state otherwise.

With that, let me turn the conference call over to our co-CEO, Song Lin, who will cover our second quarter Operational highlights and strategy. And then Frode Jacobsen will discuss our financials and expectations going forward. Song?

Song Lin

Thank you, Matt. And thanks to everyone joining us today for a business update and more color on our second quarter. Our second quarter results were ahead of all expectations coming in above the high end of both our revenue and adjusted EBITDA ranges. It is the continued momentum of our products and targeted user adoption that translates to growing and broadened revenue streams and strong financial results.

In the second quarter, revenue was $110 million, growing [at] (ph) 17% year-over-year. Adjusted EBITDA was $27 million translating to a margin of 24% and particular strength this is our guidance of $22 million to $25 million. In addition to the revenue over performance, our profitability benefited from [event title] (ph) focus on the most monetizable users as the portal progressed when it comes to our marketing spend. As a result, we grew ARPU 25% year-over-year, now an annualized $1.46 average across our products and geographies.