Trustpilot Group (LSE:TRST) shares fell around 10% after the online reviews platform reaffirmed its full-year guidance instead of raising expectations, despite reporting first-half results that exceeded market forecasts.
Strong first-half results fail to lift guidance
The company reiterated its expectation of delivering revenue growth in the high teens for the full year alongside an improvement of between two and three percentage points in its adjusted core profit margin.
Although the outlook remained unchanged, investors appeared to have been anticipating an upgrade after Trustpilot reported stronger-than-expected bookings and revenue during the first six months of the year.
First-half bookings reached US$171 million, around 5% ahead of company-compiled consensus estimates, representing constant currency growth of 18% compared with expectations of 16.5%. Revenue totalled US$151 million, approximately 2% above forecasts, with constant currency growth of 19%, ahead of the consensus estimate of 18.2%.
North America and enterprise customers drive growth
North America continued to be the company’s strongest-performing region, with bookings increasing 27% year over year.
Trustpilot also recorded robust growth among larger customers, with annual recurring revenue from clients generating more than US$20,000 each rising 36% compared with the previous year. The performance highlights continued momentum in the company’s enterprise business.
AI engagement continues to accelerate
The company said it is seeing increasing engagement from artificial intelligence platforms.
According to Trustpilot, requests from ChatGPT to its servers increased by more than 400% year over year during June. It also highlighted independent research from Seer Interactive, which ranked Trustpilot as the world’s most-cited review platform following a 1,490% increase in click-throughs generated by AI-powered search since fiscal 2025.
Despite these encouraging operational trends and growing AI-related opportunities, investors focused on the absence of a higher full-year forecast, contributing to the sharp decline in the share price.
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