While the headline of yesterday’s mid year Trading Update by Israel based CFDs broker Plus500 (LON:PLUS) read Record H1 2026 performance… Revenue up 12% YoY…, the market seemed to read things differently, focusing more on the quarter-to-quarter change at the company.

Shares of Plus500 fell by 15% on Monday following the Trading Update release, closing at GBP 42.00, their lowest level since early April. Plus500 shares, however, are still up 15% in 2026 year-to-date, but now sit 24% below their 52 week high of GBP  55.35.

LON:PLUS share price 2026 year-to-date. Source: Google Finance.

So what happened?

Plus500 saw a 9% revenue drop in Q2 ($220 million) from Q1 levels ($243 million), which seems to have worried investors about Plus500’s future growth prospects.

While average revenue per user remained fairly level at Plus500, the company said that it deliberately increased investment in customer acquisition, which seems to be concerning investors about the cost of acquiring new clients going forward, in an industry known for relatively high levels of client churn.