Adyen on Thursday reported a sharp decline in first-half sales. The news caused the company’s market value to plummet by $20 billion.
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Adien Sales grew in the third quarter as the Dutch payments company gained wallet share and added new customers to diversify its merchant portfolio, the report said.
The company, whose technology allows businesses to accept payments online and in-store, reported third-quarter net revenue of 498.3 million euros ($535.5 million), up 21% from the year on a constant currency basis.
Payments companies were boosted by the growth of online shopping during the height of the Covid-19 pandemic.
But in recent years, companies like Adyen have faced pressure from falling consumer spending.
However, Adyen has benefited from significant growth in partnerships with North American customers, such as Blocky US Cash App and Shopping in Canada.
In August, Adyen reported a 32% rise in core profits for the first six months of the year, reflecting its expansion of market share in Europe, the Middle East, Africa and North America.
Last year, the Dutch payments giant’s shares fell nearly 40% in a single day as sales fell short of expectations and profits fell in the first half of 2023.
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