Adyen Plummets as Sales Miss Erases $20 Billion of Market Value

Adyen's shares plunged as aggressive competition in North America contributed to the slowest revenue growth since its initial public offering, erasing more than $19.6 billion of market value in a single day. From a report: Shares of the Dutch payment processing company fell a record 40.6% to $950 at 4:49 p.m. in Amsterdam, the lowest since May 2020. Trading was temporarily halted due to volatility multiple times in the day. Pricing competition, higher inflation and interest rates stunted revenue growth in the first half, the Amsterdam-based fintech firm said on Thursday. Net sales rose 21% to $803 million in the period, compared to an estimate of $843 million in a Bloomberg survey of analysts. Adyen has been a reliable growth stock, with revenue rising by at least 26% in every half since its listing in 2018 until the latest period. The disappointing results, which were also hurt by inflation and rising interest rates, suggest maintaining such momentum will be a challenge.

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