Redeye provides an update following Truecaller’s Q1 2025 report, which came in softer than expected. Although revenues were roughly in line with expectations, margins were muted due to higher incentive costs and marketing campaigns related to the new iOS product. Given the increased market uncertainty and Truecaller’s large dependence on ad revenues, we believe the outlook has become more uncertain compared to one quarter ago. Redeye has revised its estimates and valuation following the report.
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