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Truecaller ad revenue up 5% in Jan-Mar 2024 boosted by IPL season

The Swedish company said it expects income from the full IPL season to be significantly lower in 2024 compared to 2023.

Truecaller ad revenue up 5% in Jan-Mar 2024 boosted by IPL season

Thursday May 09, 2024 , 4 min Read

Swedish caller identification app Truecaller said its global advertisement revenue increased 5% in January-March quarter of this year on account of yields from promotions during the IPL cricket season.

The company's revenue from advertisements rose by 5% to 317.6 million Swedish krona (about Rs 242.9 crore) in the first quarter of 2024 as compared to the same period a year ago.

"While overall ad demand remains subdued, the timing of events like the Indian Premier League (IPL) cricket tournament, which began in the first quarter of 2024, as opposed to 2023, also contributed positively to this quarter's performance," the company said in a regulatory filing.

The company, however, said it expects the income from the full IPL season to be significantly lower in 2024 compared to 2023, with revenue evenly distributed between the first and second quarters.

"A lower demand in the wake of weak global macroeconomic development and a larger supply in the Indian market resulted in lower average pricing for Truecallers ads products (CPM) which decreased by approximately 20%," it added.

Total revenue for the first quarter clocked in at SEK 431 million (about Rs 330 crore), up 11% from the figure of the corresponding quarter a year ago.

Net profit for the period was marked at SEK 133 million (about Rs 102 crore).

Net sales for the reporting quarter increased by 10%, at SEK 427.2 million (about Rs 327.4 crore), on account of ads, subscriptions, and business revenue.

Alan Mamedi
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India accounts for over 75% of total net sales for Truecaller

India held the greatest share (74.2%) in the company's net sales, followed by Africa and the Middle East (12.5%).

Net sales in India was up 8% to SEK 316.8 million (about Rs 242.7 crore).

CEO and co-founder Alan Mamedi said Truecaller is a company with "high profitability, strong cash flow, and a balance sheet with no financial debt".

Truecaller's paying users rose by 15% and its subscription revenues increased by 25%, year on year. The development was especially strong on iOS (iPhone operating system) and in markets like the US, Latin America, Malaysia, and India, it said.

The average number of monthly active users (MAU) increased by 3.9 crore to approximately 38.34 crore. It added 2.23 crore monthly active users in India.

"The need for Truecaller globally is greater than ever. I am proud to say that the number of users grew by almost the size of Sweden's population in a single quarter," Mamedi said.

In February, Truecaller launched an AI-powered call recording feature in India that offers transcription and call summary, and the company said it has more exciting new services to introduce in the coming quarters.

The number of employees at the end of the first quarter was 420, up 20 from the year-ago quarter.

Truecaller on Wednesday also updated subscription plans for its verified business caller ID solution.

Starting May 2024, Truecaller said the revised subscription packages and pricing will apply to all new and current business customers upon their upcoming renewals or upgrades.

The company said the updated subscription packages, growth, and enterprise plans are tailored to 'empower' early/mid-stage companies as well as large enterprises.

"The growth plan is best suited to early/mid-size companies looking to scale their business and establish a strong market to build trust and enhance brand visibility through its flagship Verified Business Caller ID," it said in a statement.

Started in 2021, Truecaller for Business (TfB) is a growing revenue stream. The new price packages, the company said, are expected to gradually impact revenues positively going forward.

Revenue for TfB increased by 44% during January-March this year compared to the first quarter of 2023.

Truecaller's board introduced a dividend policy that said 25% of net profit after tax should be distributed as a dividend.

Edited by Megha Reddy