LIND RESEARCH
Truecaller's Google Ad Flag Is Gone, But the Recovery Math Is Still Unwritten
Summary
Truecaller's largest demand partner (widely assumed to be Google) removed the inventory flag it imposed in mid-August 2025, after ten months of remediation.
The partner still supplies more than a third of total revenue per CFO Odd Bolin, but management caps the Q2 2026 benefit as "limited" and warns the flag can be reintroduced.
The ad decline had two causes; only the flag is resolving, while India's August 2025 real-money gaming ad ban still weighs on the largest market.
Ad revenue fell roughly 22% cc in Q4 2025 and roughly 34% cc (44% reported) in Q1 2026, with India down 41%.
Expectations sit near a floor after two profit warnings, a 15% headcount cut, and an 81% share decline over twelve months, while Premium plus Business reached about 47% of revenue.
The Q2 report on July 17 is the first read on whether the flag removal becomes a sequential ad inflection or stays a footnote.
Our view on Treucallers 12-18 month share price return potential has moved from pessimistic to cautiously optimistic
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