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Truecaller’s sales more than doubled in the first earnings report after the IPO

STOCKHOLM, October 27 (Reuters) – Swedish cell phone directory and caller identification service Truecaller (TRUEb.ST) reported a 129% increase in quarterly sales in its first earnings report as a publicly traded company.

Revenue rose to 312.8 million Swedish kronor (36.48 million US dollars) from 136.5 million kroner in the previous year, while monthly active users increased by 20% over the previous year to around 292 million.

“All the investments that we have made on the technical side in an ad tech platform, Truecaller for companies and subscriptions are showing results for us,” said CEO Alan Mamedi in an interview.

The company, which ranks India among its largest market, listed its Class B shares late last month.

Mamedi and Nami Zarringhalam, who jointly founded Truecaller in 2009, intend to control a majority of the company’s voting rights by owning Class A shares.

While Truecaller has the most customers among Android phone users, it is introducing new technology for iPhones, with the US being the first market.

“It’s very similar to the Android experience and the feedback we’ve received from customers in the US has been positive so far,” said Mamedi.

The adjusted core profit of the company has almost tripled to 117.7 million crowns.

($ 1 = 8.5737 Swedish crowns)

Reporting by Supantha Mukherjee in Stockholm; Editing by Niklas Pollard

Our Standards: The Thomson Reuters Trust Principles.

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