Opera Software Q3 losses widen — MobileMonday Global: Industry News

^{Extra people increase cost} Opera Software Q3 losses widen

13 Nov 2004 at 16:27 GMT MobileMonday Staff

Norwegian Internet browser maker Opera Software reported on Friday widened pretax losses from the third quarter. The company did not alter its outlook for the top line to grow faster than expenses for 2004.

Opera, which makes Internet browser software for desktop computers and mobile phones, posted a pretax loss of NOK 2.2 million (USD 347,000) for July to September, compared with a 0.7 million loss in the same period a year ago.

Operating revenues for the third quarter grew 36 percent year-on-year to NOK 24.6 million, but expenses swelled by almost 42 percent to 27.0 million.

For the nine months to end-September, revenues grew almost 40 percent to NOK 69.5 million excluding a one-off gain from a court settlement, while operating costs rose 33 percent to 72.9 million.

In the third quarter Opera had 182 employees, up from 158 at the end of the second quarter, and the firm said it would have 200 by the end of this year.

"There is enormous market potential in several different projects," Chief Financial Officer Christian Jebsen said in a presentation for analysts and reporters.

Opera gets about half its revenues in dollars and half in euros, while costs are mainly in the Norwegian crown. Weak dollar had a negative impact on revenues.