Adyen shares slide as fintech group misses estimates

Adyen shares slide as fintech group misses estimates

Dutch payments group Adyen failed to meet first-half estimates as it reported a 60 per cent increase in the volume of transactions, which it said was driven by travel resuming as pandemic restrictions were lifted.

The miss knocked the group’s share price, which initially rose 1 per cent in early trading on Thursday before reversing course to slide more than 10 per cent. The price is well above Adyen’s debut but remains more than 30 per cent down this year.

Adyen acts as an intermediary between other payment groups and merchants including Uber, LinkedIn, Spotify and Microsoft.

Net revenues for the first six months of the year rose 37 per cent year on year to €608.5mn, while the volume of transactions processed hit €345.8bn as travel picked up.

Earnings before interest, tax, depreciation and amortisation rose 31 per cent year on year to €356.3mn, in line with results from the second half of 2021. Staff wages rose 37 per cent to €135mn from a year earlier as the company hired almost 400 staff.

Brokers estimated first-half revenue of €615.2mn and ebitda of €383.5mn, but transactions were better than the €329.9bn forecast.

The company, founded in 2006, was listed on Amsterdam’s Euronext exchange in 2018 with a market value of more than €13bn at debut. It is now valued at more than €50bn.

Source link

Share This
COMMENTS

Leave a Reply

Your email address will not be published.