Truecaller soars as Q2 sales, earnings double
22/07/2022 09:10
** Shares of Truecaller TRUEb.ST are trading 9% up
following a 16.2% jump, after the Swedish technology company
doubled its net sales and adjusted EBITDA in Q2 urn:newsml:reuters.com:*:nFWN2Z25Q6
** Net sales increased to SEK 480.4 million ($46.8 million),
8% above consensus cited by Citi and JPMorgan, and adjusted
EBITDA reached SEK 219 million, 16% ahead of consensus
** "Truecaller delivers outperformance, driven by stronger
than expected advertising performance, more than offsetting
weaker (than we expected) growth in the more annuity-like
subscriber revenues," Citi says
** The broker says an upwards revision in consensus
estimates for the full year is likely
** JPM says the results are "impressive" and expects
upgrades to consensus on revenues and earnings
** The stock is at its highest level in more than two
months, though still down about 40% year-to-date
($1 = 10.2581 Swedish crowns)
(Reporting by Jacob Rasmussen)
((jacob.rasmussen@thomsonreuters.com))