Posted April 06, 2018 12:04:51 It’s not clear whether opera will ever be able to compete with the internet-based distribution platforms of its contemporary competitors, but Opera’s chief operating officer, Andrew Jankowski, said Tuesday that the company plans to make that very point in its quarterly earnings call.
“We’ve always been in the business of delivering our music to our customers in a digital way, and it’s been an important part of that for us,” he told analysts.
“And I think our fans and the people who listen to our music really appreciate that.”
“But if we’re going to make it work in the digital world, we’ve got to take the risk.”
In an interview with The Wall Street Journal, Jankowsky was asked whether Opera would have to rethink its strategy if its music sales decline continued.
He responded by saying that, even if it stopped making CDs and DVDs, the company would continue to deliver a high-quality music experience through online platforms.
Jankowksi also said that Opera would be open to taking a step back from its streaming services, which it has said it wants to focus on in the long term.
The company also said it expects to generate $2 billion in operating cash flow for 2019, which is the first full year of its new ownership.
Jinkowski’s comments came as the company reported a quarterly loss of $0.15 billion.
Revenue was $3.9 billion, but that was up from $3 billion in the same period a year ago.
The report also pointed to a drop in net income for the period.
It said that the majority of the drop was attributable to a decline in digital music sales.
The results also showed that Opera’s total operating income was down 11% compared with the same quarter last year, compared with a 7% decline for the year-earlier period.
Net income was $4.3 billion, or $0 for the quarter.
But Jankowski said that in the third quarter, Opera’s net income rose slightly, to $4 billion from $4 million.
The number of paid subscriptions on Opera’s website was down 10% compared to the same time last year.
That compares to a 19% decline in the period a full year ago, according to Opera.
The operating results were also down a third compared with last year’s period.
For the third fiscal quarter, the revenue, adjusted for the impact of inflation, came in at $8.7 billion, down 5% from $8 billion in 2015.
The total net income, which includes non-recurring expenses, came out at $3,836 million, up 13% from a year earlier.
Opera’s operating results are subject to a variety of factors, including the impact on the company’s share price of its $9 billion purchase of Opera Media, a joint venture between the Walt Disney Company and the Opera Group.
The acquisition of Opera by Disney is expected to close in the first half of 2019.