Trustpilot shares fell as much as 20% after the British online reviews platform left its full-year earnings outlook unchanged, disappointing investors who had anticipated an upgrade. The company maintained its forecast for high-teens constant-currency revenue growth and a two-to-three percentage-point improvement in adjusted EBITDA margin. Adjusted core profit rose 46% to $26.3 million in the six months ended June 30, below the company-compiled estimate of $27 million. Revenue increased 23% to $151.4 million and bookings rose 22%, both slightly ahead of expectations, while statutory net loss was $1.1 million after one-off charges including an Italian antitrust fine and a provision for historical U.S. sales taxes. Trustpilot shares had gained about 60% through Monday’s close, reflecting optimism around its AI initiatives and strong U.S. growth. IG analyst Angeline Ong said the market was seeking upgrades rather than confirmations. J.P. Morgan analysts described the results as noisier than usual because of the core-profit miss, one-off charges and absent guidance upgrade. The shares were down 14.2% at 224.2 pence by 9:30 a.m. GMT.