Norwegian browser maker Opera Software ASA isn’t looking too healthy at the moment. The company has just posted second quarter results that missed analysts’ expectations, with adjusted earnings missing the target by almost $1.6 million. That’s forced Opera to cut its 2015 total revenue projection from $630-650 million to just $600-618 million. The company also noted that its mobile ad sales, an increasingly vital area for any Web-based firm, have declined.

As a result, Opera says it’s “initiated a process to evaluate and consider strategic alternatives for the company.”

Opera’s browser has never been that popular, but it’s always been highly regarded by its small subset of users. That does give Opera fans reason to be optimistic that something can be done however, because it seems there are some interested parties that appreciate its devoted fan base still has something to offer, business-wise.

At the same time Opera announced its results, the company said its “…board of directors, in response to strategic interest in the Company from a number of parties, has initiated a process to evaluate and consider strategic alternatives for the Company, with the objective of further enhancing shareholder value.”

Opera has already hired the services of ABG Sundal Collier and Morgan Stanley International to help it through its strategic review. According to Opera, the review will likely be finished in the second half of this year, at which point it will “update shareholders and other stakeholders about the outcome of the review in due course.”

It seems unlikely that Opera will die a death any time soon. The company is still profitable and still has hundreds of millions in revenues and over 1,000 employees. Possible solutions including a restructuring of the company (that would likely see plenty of job cuts) to create a smaller but more agile firm with a sharpened focus, or perhaps a partnership of some kind. Alternatively, Opera could well be acquired by someone else. In any case, Opera’s venerable browser is unlikely to disappear overnight, at least not on mobile where it holds a considerable market share of around 10 percent, according to Stat Counter.

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