Shares in Trustpilot fell as much as 20% today despite posting fundamentally strong half-year results.
The London-listed online review platform said it was on track to deliver its full-year guidance, but that wasn’t enough for the market.
Trustpilot’s shares had risen recently as US growth and AI initiatives were anticipated to deliver upgraded guidance.
Revenue for the six months ended 30th June 2026 was £151.4 million, up 23% on the previous year, with adjusted EBITDA rising 46% to £26.3m. Profit before tax was £4.3m, up 32%.
However it swung to a net loss of $1.1m for the period, compared with profit of $2.1m a year earlier. This was driven by $6m in non-recurring items including an Italian antitrust fine and a $1m retroactive provision for historical US sales taxes.
Trustpilot’s share price remains 24% up over the last six months.
The firm confirmed this morning that Marcus Roy has taken up the role of CFO, succeeding Hanno Damm as planned.
“We delivered a strong first half, with bookings up 18% at constant currency, led by outstanding momentum in the US and continued strength in the enterprise customer segment,” said Adrian Blair (pictured), CEO.
“AI is proving a significant tailwind for Trustpilot. As consumers increasingly use AI to discover and evaluate businesses, trusted, independent feedback is becoming even more valuable to businesses.
“Trustpilot’s scale and authority as the #1 cited review platform globally means our content is increasingly visible in AI-generated answers. We are innovating at an unprecedented pace to capitalise on this shift and help businesses succeed in the AI-driven world.
“We enter the second half with confidence in our full-year guidance and the long-term opportunity ahead.”