Truecaller reported Q1 net sales exceeding our expectations and consensus by 3%. User growth remains a highlight, with the platform surpassing 500m total users and adding 9m monthly active users during the quarter. The quarter saw margins in line with expectations and a continued shift towards recurring revenue, which now accounts for 47% of total sales. As the company prioritises long-term resilience over short-term programmatic ad growth, we are likely to make only minimal positive adjustments to our top-line figures, given the current outlook in the Ad and Business Messaging segments. The revised OPEX outlook—following the approximately 70 FTE headcount reduction—provides a solid foundation for safeguarding margins during this transition.
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