Sweden-based caller ID company Truecaller announced in May 2026 that it will cut 70 jobs — roughly 15% of its workforce — during the second quarter, following a sharp decline in revenue and profits reported in its Q1 2026 results.
The company’s net sales dropped 27% year-on-year to 362 million SEK ($39.34 million). In India, its largest market, net sales fell 41%, while ad revenues declined 44% overall. Truecaller’s stock has fallen more than 26% in 2026 and over 79% in the past 12 months, though it saw some recovery following the Q1 results announcement.
CEO Rishit Jhunjhunwala attributed the decline to several factors. India banned real-money gaming apps — including Dream 11 and MPL — in August of last year, removing a major advertising category that had contributed significantly during the IPL season. “The year-on-year comparison looks especially weak given that Q1 and Q2 last year included a large contribution coming from the real money gaming sector in India in connection with the IPL season,” Jhunjhunwala said during the earnings call. The real-money gaming industry in India had been estimated at $23 billion. Conflict in the Middle East also reduced revenues from that region, and a programmatic advertising partner — identified as Google by an analyst — changed its algorithms, further weighing on ad revenue.
Truecaller is also contending with broader market pressures, including a 5% year-on-year decline in downloads last year and competition from India’s telecom-led Calling Name Presentation (CNAP) identification service.
There were some positives in the quarter. Truecaller crossed 500 million active users, and subscription revenue grew 27%, now representing 31% of net sales. The company has been adding features such as AI Assistant and Family Protection to strengthen its paid offerings.
Source: TechCrunch