Rightmove shares plummet as AI investments to hit 2026 profit
An estate agents’ “Sold” sign is pictured outside a house in a row of terraced houses in Guildford, southern England on August 6, 2024.
Justin Tallis | AFP | Getty Images
British real estate listing company Rightmove saw its share price drop by 28% after announcing lower profit growth due to increased investments in artificial intelligence.
Rightmove’s operating profit growth for 2026 is projected to be between 3% and 5%, compared to the 9% forecast for this year. The company attributed the decrease to its AI investments in upgrading internal systems and consumer tools, as well as exploring new AI applications.
UBS analysts have put Rightmove’s price target and rating under review following the announcement, with expectations of a negative market reaction.
Despite the market concerns about an AI bubble, Rightmove remains confident in its AI investments and aims for a 12% annual profit increase by 2030.
“AI is now becoming absolutely central to how we run our business and plan for the future. We are already working on a wide range of exciting AI-enabled innovations for the benefit of our partners and consumers,” said CEO Johan Svanstrom.
