Redeye comments on Truecaller ahead of its Q3 results, due on 28 October. We expect a mixed quarter, with recurring revenues remaining the key growth driver while ads face continued FX headwinds from the weaker Indian rupee. Additionally, increased uncertainty in India, linked to tariffs and duties, is weighing on the cyclical ad market. Margins are expected to improve slightly from Q2, supported by lower operating expenses, although the SEK's strength continues to pressure reported sales. Ahead of the report, we have revised our revenue estimates, particularly for ads, while increasing our subscription forecasts due to sustained momentum.
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