Opera has announced its revenue results for the fourth quarter of 2020. The software company, which is the owner of multi-platform web browser, Opera, and Opera news, is definitely heading towards the right direction as the company continues to experience increase. The company released impressive results, generating $50.4 million in revenue in its fourth quarter of 2020.
Compared with its generated revenue in the third quarter of 2020, which was $42.4million, Opera experienced a 19% increase in revenue. The company’s search and advertising networking business contributed highly to this growth. Opera’s users are increasing at a very fast rate; the company said it added 29 million users in 2020. Thanks to the fast-growing numbers of users on its platform, Opera is able to monetize its platform even more.
In 2019, Opera launched Opera GX, an ad hoc gaming browser. Opera’s Opera GX has becoming widely used by gamers boasting of over 7 million users. What this means is that, with the Opera GX, Opera was able to make more money from advertising, raising its revenue stream.
Opera will be adding sources of revenue which will comprise of interesting new products with fascinating features. One of its new products is a digital wallet called Dify. The company’s CEO, Ling Son, stated, “We’ve just announced the launch of Dify. It’s a new digital wallet that will fully integrate into our browser.” Dify is an in in-browser cashback and payments solution and standalone wallet app. Dify will facilitate online shopping for Opera browser users and make it more convenient for them. In order to encourage the usage or adoption of Dify, Opera will give cash back incentives to users who shop from the 300 merchants that are already part of the program.
Opera’s revenue also comes from fintech startup, Opay, which it owns 13% of. Opera says that OPay continues to grow at a breakneck pace. In Q3 2020, Opera claimed that OPay processed a gross transaction value of $1.4 billion in the third quarter of 2020. In the fourth quarter of 2020, OPay says it processed a gross transaction value of $2 billion, in December alone, an incredible 43% increase.
OPay continues to scale in Nigeria and to expand to other countries in Africa. With Opera’s expansion and growing number or users, Opera’s revenue is expected to continue to increase.