Opera also licenses their browser to many phones and devices. That market may be starting to dry up.
See for instance some analyst's speculation about a Google-Apple deal here: http://news.ycombinator.com/item?id=5206764
That as well as the search revenue that was already mentioned.
I assume Opera makes some money this way, along with the Opera Mini deals you mention.
Add in other costs, and it's not hard to see that either they've got a huge source of other income or they are hemorrhaging cash.
To quote the 4Q12 report:
"Opera’s monetization strategy for its desktop browser revolves
predominantly around search. Google is Opera’s global search
partner and provides the majority of desktop monetization. This
global partnership is supplemented by local search partnerships
in certain markets, such as Russia, Japan, and China, where
Opera works with Yandex, Yahoo! Japan and Baidu, respective-
ly. In addition, Opera has signed up e-commerce players such
as Amazon.com (USA, Germany, Japan), Booking.com (64
countries), and Ozon (Russia) to further enhance ARPU."
"Desktop Consumer" made 16MUSD in the last quarter: that's ~64MUSD annually. Of course, that won't be all the Google revenue (as there's also the default browser on other platforms), but gives a reasonable baseline figure.
So the only way you might get a $40k/year in Norway, is if you are under 18 and work in a supermarket. Here it's 102 NOK/hour (but you probably wouldn't be allowed to have a full time job like that, this is just if you help out in a shop say 10 hours/week as an extra job while getting an education).
That's all the net wage, not including overhead!
Expect a pizza and a beer to cost you $50. Maybe $100 if you want some Danish cheese on top of it, which has a 277 percent custom tax. Foreign lamb has 429%. Such is the result of Norway not being part of EU proper!
•Revenue growth of 39% (40% FX adjusted)
•Record revenue and strong profits
Well that's extremely conservative. I don't know whether you speak from personal knowledge of Norwegian market but I can tell you that it's about 1/4 of what a intermediate/senior level engineer in the bay area would make. In fact it's about at the level of what a senior engineer (from a top level school) in India would make.