Summary
Rightmove's shares dropped sharply after the company announced plans to spend more on artificial intelligence (AI). The company aims to invest £60 million over three years in AI, but investors reacted negatively, causing shares to fall by as much as 28% before recovering slightly.
Key Facts
- Rightmove is a property listing website.
- The company plans to invest £60 million in artificial intelligence over the next three years.
- Rightmove reduced its profit growth forecasts due to this investment.
- Shares fell by more than 28% initially, then rose to stand 13% lower.
- The CEO, Johan Svanstrom, stated AI will be central to the company's future.
- Rightmove aims for 10% annual revenue growth by 2030.
- Projected operating profit growth for 2026 is 3% to 5%, down from this year's 9%.
- The company expects profit growth to improve after 2028.
