Trustpilot Group shares plummeted 21.8% to 73.3p in late afternoon trading on Thursday despite a reported 25% total revenue climb at constant currency to $73 million in HY1 2022 against $62 million in HY1 2021 in its latest trading update.
The group confirmed an annual recurring revenue (ARR) rise of 23% to $149 million compared to $134 million.
Trustpilot further mentioned a 22% increase in total bookings to $87 million from $75 million over the financial term.
The company said its total bookings reflected continued strength in the UK, Europe and rest of the world, alongside an 8% constant currency revenue growth in North America, where Trustpilot commented it expected its new market strategy to start delivering an acceleration in bookings growth starting in HY2 2022.
Trustpilot added that despite the volatile macro-economic environment, it anticipated constant currency revenue rises in line with previous expectations, and reiterated its outlook for adjusted EBITDA and breakeven in FY 2024.