Truecaller cuts 70 jobs amid declining sales

An ID company based in Sweden Truecaller it said it would cut 70 jobs, or about 15% of its workforce, in the second quarter, when the company posted its Q1 2026 results with a drop in revenue and profit. Truecaller blamed real money games in India, changes in advertising algorithms, and tensions in the Middle East for the slide.

Like Results TechCrunch reported last month, the company is already facing challenges from leading telecom solutions in India, viz Calling Name Presentation (CNAP) identification services, with a 5% annual decline in downloads over the past year.

In its Q1 2026 results, Truecaller’s total sales fell 27% to 362 million SEK ($39.34 million). In its biggest market, India, total sales fell by 41% year-on-year. Additionally, ad spend dropped by 44%.

“The year-on-year comparison looks weak mainly because Q1 and Q2 last year included a large contribution from the real sports revenue segment in India related to the ongoing IPL season. The situation in the Middle East also reduced our revenue from that region,” Truecaller CEO Rishit Jhunjhunwala said during the earnings call.

Last August, India banned real money gaming apps like Dream 11 is an MPL that allows users to spend money to play fantasy games. Industry associations estimate that the virtual currency industry was worth $23 billion in India. As a result of this closure, the platforms where these real money programs are run have had their funds confiscated.

Truecaller also said that the decline in revenue in the advertising business was also due to the app’s partner, was recognized as a Google expert earlier this yearchange its algorithms.

There were only a few positives for the company this quarter. First, they crossed the sign of 500 million users. In addition, its subscription revenue increased by 27%, representing 31% of total sales. The company has been adding products like AI assistant and Family Protection to make his paid offerings beautiful.

Truecaller’s sales are down 26% this year and more than 79% over the past 12 months. However, after the Q1 results, it has seen a recovery.