Redeye provides an update following Truecaller’s Q2 2025 report, which came in somewhat softer than expected due to currency headwinds. Looking at the underlying figures, we believe Truecaller had a stable quarter, continuing to grow its user base at a high pace while improving margins through increased direct sales and the implementation of new ad formats. Redeye has revised its estimates and valuation following the report.

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This is a press release from Redeye - Research Powered Investment Banking. www.redeye.se/