Adyen Plunges After Earnings Miss

The
company
announced
a
stable
net
profit
of
€282
million
(£241
million)
in
the
first
six
months
of
the
year,
reflecting
diverging
developments
between
the
evolution
of
net
sales
(+21%
to
€739
million)
and
operating
income
(-16%
to
€279
million).

In
a
letter
to
shareholders,
the
managers
indicated
that
“in
certain
areas,
the
activity
grew
less
strongly
than
expected”,
specifying
that
net
sales
in
North
America
increased
by
23%
on
the
year,
after
an
increase
of
52%
during
the
first
half
of
2022,
while
digital
activities
also
grew
by
23%
(after
+55%
during
the
first
half
of
2022).

The
company
also
cited
difficulties
in
recruiting.
“We
are
measuring
the
impact
of
a
sales
force
that
does
not
match
our
ambitions,
especially
in
North
America,”
says
Adyen.

Adyen
had
a
market
capitalization
of
nearly
€46
billion
before
the
publication
of
its
results.

In
a
comment
published
Thursday
morning,
analysts
at
Jefferies
point
to
results
that
fell
short
of
market
expectations.

They
note
in
particular
an
EBITDA
13%
lower
than
the
consensus,
despite
fewer
recruitments,
which
reflect
an
increase
in
the
average
cost
of
personnel.

“We
expect
a
correction
in
the
stock
this
morning
as
the
uncertainty
around
the
transaction
volumes
processed
is
likely
to
be
a
cause
for
concern,”
they
wrote.

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