Truecaller reported Q2 net sales above our expectations and consensus, driven by a sequential recovery in advertising and a clear beat in Truecaller for Business. Reported EBITDA came in 59 percent above our forecast, helped by materially lower cost base. Importantly, the report confirms that Q1 marked the bottom — the sequential improvement across all revenue streams we wanted to see. As the company continues its transformation toward recurring revenue and a proprietary ad stack, we expect to make upward adjustments to our estimates. Separately, Truecaller announced the acquisition of US-based TextPlus for USD15m — a small, cash-financed step that expands the company’s footprint in the US.
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