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Truecaller: All-time high user growth and solid development of revenue and profits

Interim report January-September 2024

 STOCKHOLM, Nov. 6, 2024 /PRNewswire/ -- Truecaller, the leading global platform for verifying contacts and blocking unwanted communication, is proud to report an increase in net sales with 15% to SEK 457.3 million (398.7). All income streams contributed to the growth. EBITDA increased with 15% to SEK 167.4 million (145.8) and the EBITDA margin was 36.6% (36.6%). During the quarter average number of monthly active users grew with 16 million which was an all-time high user growth in absolute terms.

Extract from CEO Word:

"Net sales increased by 15% in the third quarter compared to the same quarter last year, reaching SEK 457 million (SEK 399 million). All three of our revenue streams contributed to this growth. Our recurring revenues, including business and subscription income, grew by a combined 35% and now represents 29% (25%) of our total revenue. For the first time since Q4 2022, our advertising revenues showed underlying growth, rising by 8%. Currency effects had a negative impact on growth this quarter, but total revenue still exceeded the seasonally strong second quarter. Truecaller for Business, our business offering, increased revenues by 48% to SEK 65.8 million (SEK 44.4 million) and now represents nearly 15% of total revenue. Subscription revenue continues to grow steadily, reaching SEK 67.3 million (SEK 53.9 million) in the quarter, a 25% increase.

EBITDA also increased by 15% to SEK 167 million (SEK 146 million), despite increased investments in user growth and the aforementioned negative currency effects. Profitability remained stable, with an EBITDA margin of 37% (37%).

In the fourth quarter, we will launch the largest product improvement so far for Truecaller on iOS. The key changes will enable us to offer the same type of caller identification and spam blocking on iOS as on Android. Our commercial strategy for the new product will primarily position it as a subscription product. This means functionality in the free version will be limited, and the number of iOS users may decrease, but revenue from iOS could increase significantly.

In Q3, we achieved our highest increase in user numbers to date, adding 16 million new monthly users. The number of monthly active users averaged ...