The financial results for the second quarter of 2009 are now available. Overall revenue was up 53%, and desktop revenue was up 93% since Q2 2008, which is lower than the previous quarters (currency rates are probably relevant here). …
- Overall revenue up 53% since Q2 2008 (+56% since H1 (first half) 2008)
- Net income (profits) 22.2 MNOK, compared to 17.7 MNOK in Q2 2008
- Number of desktop users up 65% since Q2 2Q08
- 29.1 million Opera Mini users in July (up 145% since July 2008)
- Opera now has 740+ employees in 10+ countries
- We have some product launches coming up in the second half of the year
- Mobile OEM shipments are lower than we would have liked, but we are working on that. The global recession is affecting OEMs more than operators
- It will be more difficult to reach our financial goals for 2009 than expected. Among other things, a stronger NOK compared to other currencies and a longer time for operator deals to generate revenue will affect the rest of 2009
- Things are looking up in the long term, however, especially due to some things that are coming up in a not too distant future
Expenses were up 50%, and 2009 will continue to be a year of investments of strategic importance. Still, costs will still be kept under control. Part of the expenses are due to Opera Software buying Polish company Mobica Solutions because we were very happy with their competence and their work as contractors/consultants.
When it comes to desktop, most of the growth traditionally seems to be happening in the first and fourth quarter of the year, and this year is not exception, although the user base has grown in Q2 as well. We also think that the launch of Opera 10 is going to help the desktop growth going forward.
So the conclusion is, again, that the market is moving in Opera's direction. It might be harder to reach our financial goals for 2009 due to things like a stronger NOK compared to our income in USD and EUR, and revenue from operator deals taking a bit longer than expected, but the management is still confident that our long-term strategy is the right one.