Autonomous Cars Continue to Thrive, Come Off of Best Month Yet

Individuals who are looking forward to the Super Cruise driving platform can expect to fork out an additional $2,500 for the add-on. Like Google, the company has invested heavily into mapping out the entire US and Canada.

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    May 18, 2018 10:06 AM  PT
Autonomous Cars Continue to Thrive, Come Off of Best Month Yet
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The stock of Opera Ltd. (Nadsaq: OPRA) rose nearly 6 percent in its first hours of trading on the Nasdaq stock exchange Friday, after the web browser provider completed its initial public offering raising $115.2 million.

The company priced its shares at $12 apiece, at the upper end of the expected range. In early trading, its stock reached $12.70 per share.


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During the same period, the company's revenue reached $39.4 million in revenue, a 55 percent increase from a year ago. Net income in the first quarter was $6.6 million in contrast to a loss of $200,000 during the same period last year.

For the full year 2017, Opera reported revenue of $128.9 million, a 20 percent increase from 2016. Its net income for the year was $6.1 million in contrast to a loss of $12.7 million reported for 2016.

Opera targets global markets it called "underpenetrated" in its prospectus, including regions in Southeast Asia, South Asia, and Africa, where users experience "more constrained hardware environments."

The company said its plans to use the proceeds of the stock sale to fund further research and development, distribution and marketing, working capital, and strategic investments.

   


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