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Investing.com -- Truecaller AB (ST:TRUEb) shares fell 7% Friday after the company reported second-quarter results that missed revenue and EBITDA expectations, though underlying growth trends showed acceleration when adjusted for foreign exchange (FX).
Total (EPA:TTEF) revenue rose 9% year-on-year (y/y) to SEK496 million, but came in 2.7% below company-compiled consensus. J.P. Morgan analysts said the miss was “fully attributable to FX.”
In constant currency, revenue growth slightly accelerated to 21%, led by subscriptions and B2B offerings. “Q2 constant FX revenue growth is Ads +11% y/y, Subscription +48% y/y, and Business +53% y/y,” the analysts highlighted.
Advertising revenue declined 0.5% y/y to SEK331 million in reported terms but rose 11% on a constant FX basis.
Subscriptions grew 35% to SEK87 million, while Truecaller for Business rose 34% to SEK78 million.
Indian market revenue increased 4.8% from a year earlier.
Truecaller reported Q2 EBITDA of SEK173 million, 6% below consensus but up 5% y/y. On a constant FX basis and excluding incentives, EBITDA rose 38%.
Gross profit reached SEK383 million, with a stable margin of 77.2%. EBITDA excluding incentives, in constant FX terms, jumped 38% y/y in Q2 (H1 +32%).
User metrics showed continued strength. Monthly active users (non-iOS) rose by 15 million to 427 million, and daily active users grew by 11 million to 367 million. Premium subscriber adds hit a record 220,000, reaching 2.99 million, though below JPM’s forecast of 300,000.
However, ad revenue per DAU fell 15% year-on-year.
The company also highlighted a series of ad product rollouts, including a new “Masthead” unit and the soft launch of an in-house AI recommendation engine aimed at boosting ad targeting.
Cash flow was a bright spot, with net operating cash of SEK262 million, well ahead of JPMorgan’s SEK153 million estimate, supported by a SEK94 million working capital inflow.