The operator said total revenues had climbed 25 per cent on a constant currency basis to $73.41m in the half-year results, leading to a 43 per cent reduction in underlying losses to $6.59m.
The group reported a loss for the period of $9m, down from $17m the year before, with adjusted EBITDA loss of $5m, compared to a profit of $4m last year.
Analysts at Morgan Stanley noted that this loss was lower than expected.
They added that they continue to see “long-term strategic value” in the company and its “ability to return to durable growth over the medium-term”.
Trustpilot echoed its revenue outlook for the full trading year, but said it continued to monitor the “uncertain macroeconomic environment”.
“Our success is founded upon our focus on trust, and we continue to benefit from viral network effects as more and more consumers choose to share their experiences on Trustpilot,” chief executive Peter Holten Mühlmann said.
Brokers at Peel Hunt gave the stock a buy recommendation, noting that the shares are down
82 per cent in the year to date, and continues to trade at a steep discount to peers.
Analysts at the firm said: “While the company has yet to see a significant change in customer spend, it is being prudent with investment and has decided to focus on improving the operating leverage in the second half.
While this may come at a cost of the top line growth, we believe this is sensible given the current environment and means that the business should be better placed if the macro environment worsens.”