Truecaller (TRUE) Q3 2024 earnings summary

Executive summary

• Achieved 15% year-over-year revenue growth in Q3 2024, reaching SEK 457.3 million, with all revenue streams contributing positively.

• Monthly active users reached an all-time high of 413.5 million (up 12% YoY), and daily active users increased 13% to 337 million, with a DAU/MAU ratio of 81%.

• EBITDA rose 15% to SEK 167.4 million, maintaining a margin of 36.6%–37%.

• Recurring revenues (subscriptions and business) grew 35% and now represent 29% of net sales.

• Announced leadership transition, with Rishit Jhunjhunwala to become Global CEO in January 2025.

Financial highlights

• Net sales reached SEK 457.3 million, up 15% year-over-year; EBITDA margin stable at 36.6%–37%.

• Gross profit grew 18% year-over-year, with gross margin improving to 77%.

• Net cash from operating activities before tax payments was SEK 166 million; cash and short-term investments totaled SEK 1.1 billion with no debt.

• Q3 profit after tax reached SEK 117.8 million; basic/diluted EPS was SEK 0.34.

• Currency effects, especially from SEK strengthening, negatively impacted revenue growth and profit margins.

Outlook and guidance

• Continued optimism for recurring revenue growth and further scaling of new ad formats.

• No formal guidance for Q4 or 2025; management remains cautious on ad market stability.

• New iOS product with live caller ID and spam-blocking to launch in Q4 as a premium feature.

• Ambition to reach SEK 1 billion in recurring revenues in the near to midterm.

• Long-term: combined revenue growth and EBITDA margin to stay above 70%; annual EBITDA margin target of 35%+ from 2024.