Truecaller drops 32% on lower revenue

Shares of Truecaller dropped as low as 35%, $35.95 to $24.47, before recovering slightly Friday after the Switzerland-headquartered firm, known for its eponymous caller ID app, reported lower than estimated revenue.

Truecaller, listed in Stockholm, reported a revenue of SEK 399 million ($35.88 million) for the quarter ending September, an 11% year-on-year decline. JP Morgan last week anticipated Truecaller’s Q3 revenue to be SEK 469 million.

Truecaller is a caller ID and spam blocking mobile app, though it also offers a growing range of other services. Since launch in 2009, the company has amassed about 368 million global monthly active users (~75% in India), and handles over 3.2 billion calls each day. The bulk of its revenues (~80%) come from in-app advertising.