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MW Opera stock surges after upbeat first-quarter revenue outlook

Shares of Opera Ltd. $(OPRA)$ surged 3.0% in morning trading Tuesday, after the Norway-based web browsers company said it expects first-quarter revenue to exceed previously provided guidance. In late February, when the company reported fourth-quarter results, Opera had said it expects revenue of $47 million to $48 million, which would represent 18% growth at the midpoint of that range. "The first quarter demonstrates our continued strong execution, with our core business performance exceeding our expectations thanks to combined search and advertising revenue growth rates in excess of 30% year-over-year," said Chief Financial Officer Frode Jacobsen. Opera also said Tuesday it expects first-quarter adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) to be above previous guidance, which the company said in February that it expected to be "around breakeven." The company is projected to report first-quarter results on or around May 26. The stock has rallied 15.8% year to date, while the S&P 500 has gained 8.5%.