Why Opera Stock Jumped This Week
Opera (NASDAQ: OPRA) investors beat the market by a wide margin this week. Shares were up 24% through Thursday trading, according to data provided by S&P Global Market Intelligence, while the S&P 500 gained just 0.3%. The digital platform specialist's stock is up over 40% so far in 2023 compared to a 3.7% increase in the broader market.
This week's rally was sparked by a fourth-quarter earnings update that was packed with good news for shareholders.
Opera announced on Monday that sales through late December rose 33% while adjusted earnings rose to $23 million, or 24% of sales. Both figures beat executives' short-term targets, reflecting solid demand for the company's browser, gaming, and Web3 products. "I am very pleased that yet again we were able to outperform our expectations, on top of repeatedly raised guidance," co-CEO Song Lin said in a press release.
Source Fool.com
