Redeye briefly comments on Truecaller releasing an update regarding its Q4 2025 revenue development, which significantly undershoots our expectations, primarily due to materially weaker advertising revenues. The company cites the algorithm change at its largest demand partner — previously disclosed and discussed in the Q3 report — as the main reason for the continued weakness in the fourth quarter. While the issue was already known, the negative impact in Q4 proved materially larger than we had anticipated.
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