Shares of Opera (OPRA 7.76%) jumped on Thursday after the web browser developer reported its third-quarter results. The company beat analyst estimates for revenue and earnings by wide margins, sending the stock up 18.6% by 11:05 a.m. EST.
Opera reported third-quarter revenue of $93.7 million, up 119% year over year and $16.1 million above the average analyst estimate. Search revenue grew 13% to $21.5 million; advertising revenue grew 17% to $18.3 million; and retail revenue more than doubled to $6.0 million. Revenue from fintech was $39.9 million, tripling from the second quarter.
Non-GAAP (adjusted) earnings per share came in at $0.27, up from $0.11 in the prior-year period. GAAP EPS was $0.12, beating analyst expectations by $0.10.
Opera CFO Frode Jacobsen said:
"Our third quarter revenue growth was driven by strong results in both advertising and search revenues and more than a tripling of microlending revenue versus the second quarter, driven by rapid scaling in India and continued success in Kenya.
For the fourth quarter, Opera expects revenue between $95 million and $105 million, up 89% to 109% year over year. The company raised its full-year outlook, which now calls for revenue between $300 million and $310 million. The previous guidance called for revenue between $270 million and $290 million.
Including Thursday's rally, the small-cap stock is now up about 107% since the beginning of the year.