Truecaller drops 32% on lower revenue
Shares of Truecaller dropped as low as 35%, $35.95 to $24.47, before recovering slightly Friday after the Switzerland-headquartered firm, known for its eponymous caller ID app, reported lower than estimated revenue.
Truecaller, listed in Stockholm, reported a revenue of SEK 399 million ($35.88 million) for the quarter ending September, an 11% year-on-year decline. JP Morgan last week anticipated Truecaller’s Q3 revenue to be SEK 469 million.
Truecaller is a caller ID and spam blocking mobile app, though it also offers a growing range of other services. Since launch in 2009, the company has amassed about 368 million global monthly active users (~75% in India), and handles over 3.2 billion calls each day. The bulk of its revenues (~80%) come from in-app advertising.
More Stories
Silicon Valley shaken as open-source AI models Llama 3.1 and Mistral Large 2 match industry leaders
[ad_1] Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More...
Crypto AI Token RENDER Soars 15.6% After Rebrand, Can It Hit $10?
[ad_1] Today, the Render Network finalized its RENDER crypto AI token migration and upgrade. Following the highly anticipated rebrand, the...
Grok chatbot trains on X user data in ‘very likely’ breach of EU law
[ad_1] Elon Musk could have yet another problem with the European Union. Musk’s X has enabled the Grok chatbot to...
Bitcoin Supply Drop Signals Bullish Price Movement, Analyst Says
[ad_1] After its latest halving event, Bitcoin sent a positive signal throughout the crypto market. Historically, this big drop in...
Paris Olympics app ‘prime target for cybercriminals’
[ad_1] The Paris Olympics 2024 kicked off today. But as the City of Light opens its gates to millions of...
AI training costs are growing exponentially — IBM says quantum computing could be a solution
[ad_1] Earlier this month, the Wall Street Journal reported that a third of nuclear power plants are in talks with...