Opera Limited Q1 2026 Earnings Recap

Opera's Q1 2026 results came in slightly ahead of recent internal targets, with the stock closing up 2.6% after the print—suggesting market reaction was neutral to modestly positive. Revenue and adjusted EBITDA both topped the high end of management’s guidance, driven by balanced growth across advertising and query revenues.

Key Takeaways

• Q1 revenue grew 23% year-over-year to $176 million, surpassing management's previous outlook by $4 million.
• Adjusted EBITDA reached $42 million (24% margin), exceeding guidance by $2 million.
• Both advertising (+24% y/y) and query revenue (+23% y/y) contributed to top-line expansion, with each category showing comparable growth.
• Recent product launches—especially the Browser Connector for AI integration—are driving extended user engagement and increases in ARPU in key Western markets.
• Management outlined ongoing momentum in e-commerce ad partnerships and sees emerging opportunities in travel sector monetization for the coming quarters.