Another set of results from Adyen, and another drop in the stock market. Once a darling of the European tech scene, the Dutch payments provider needs Silicon Valley to regain its magic.
The stock fell by more than a quarter in European trading Thursday after the company released semi-annual numbers that showed a significant slowdown in sales and a 10% year-over-year decline in EBITDA.
Adyen, who manages payments for the likes of eBay and Uber, said some customers are optimizing costs rather than focusing on growth, particularly in the US, and that gives way to cheaper competitors, which she said provides “more savings than jobs.” She attributed this trend to high rates of inflation and interest rates.