Opera press releases

Financial Result Q1 2004: Opera Reports Revenue Increase of 75%

Oslo, Norway - May 7, 2004

Opera Software ASA today announced financial results for its fiscal 2004 first quarter ended March 31, 2004. For the quarter, the Company earned revenues of MNOK 21.7, up from MNOK 12.4 in Q1 2003, a growth of 75% on the year-ago quarter. Earnings before interest and tax ("EBIT") for the quarter ended at MNOK -3.4, compared to a loss of MNOK -6.4 in the year-ago quarter.

Opera saw increase in growth on all product lines. Income from Internet devices grew from MNOK 6.9 in 1Q03 to MNOK 14.7 in 1Q04, a growth of 111%. Income from Desktop grew from MNOK 5.5 in 1Q03 to MNOK 7.0 in 1Q04, a growth of 29%. Operating costs increased from MNOK 18.7 in 1Q03 to MNOK 24.7 in 1Q04, a growth of 31%. Operating costs increased from MNOK 18.8 in 1Q03 to MNOK 25.1 in 1Q04, a growth of 33.7%.

"The strong growth in revenues continued in the first quarter," says Jon S. von Tetzchner, CEO, Opera Software ASA. "The Company decided to increase the cost base, because of customer-driven employee growth and a substantial increase in market activity."

Opera had cash and cash equivalents of MNOK 145.9 at the end of the quarter.

The full Quarterly Report and today's presentation to investors can be found at www.opera.com/company/investors/

About Opera Software ASA

Opera Software ASA has redefined Web browsing for PCs, mobile phones and other networked devices. Opera's cross-platform Web browser technology is renowned for its performance, standards compliance and small size, while giving users a faster, safer and more dynamic online experience. Opera Software is headquartered in Oslo, Norway, with offices around the world. The company is listed on the Oslo Stock Exchange under the ticker symbol OPERA. Learn more about Opera at http://www.opera.com/.