Object tracking using ultrasonic signals. A receiver receives a signal transmitted from a transmitter. The receiver uses at least two receiving elements for forming at least two analysis signals on the basis of the received signal. The receiver includes a detector, such as a phase detector, which examines the analysis signals and forms an indication on a difference between the analysis signals. The indication is, for example, indicative of a phase difference between the analysis signals. The transmitted signal is a modulated ultrasonic signal, wherein the receiver demodulates the signal to recover the modulating signal. The indication can be used to determine a heading angle information of the object to be tracked. The heading angle information may be a direction of the object with respect to the transmitter. The heading angle information can be used to make e.g. a corrective action to audio signals to be formed for listening.