Shares of Opera (NASDAQ: OPRA) sang a sad tune on Thursday, falling as much as 23.6% after a mixed earnings report. The Norway-based company behind the eponymous web browser software and online news services also merged its microfinancing services with fintech specialist Mobimagic, creating a new service named Nanobank.
Opera's sales dropped 10.2% year over year to $55.4 million. Adjusted earnings rose from $0.05 to $0.17 per American depositary share. Your average Wall Street analyst had been expecting earnings near $0.01 per ADS on revenue in the neighborhood of $61 million.
The Nanobank platform will serve roughly 50 million users at launch, combining the user bases of Opera's and Mobimagic's microlending services into a single unit. Opera owns 42% of this business while privately held Mobimagic controls the remaining 58%.
Source Fool.com