Payments giant Adyen reports 21% jump in third-quarter sales

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Payments giant Adyen reports 21% jump in third-quarter sales

Adyen reported a big miss on first-half sales Thursday. The news drove a $20 billion rout in the company’s market capitalization .

Pavlo Gonchar | Sopa Images | Lightrocket | Getty Images

Adyen reported a jump in sales in the third quarter as the Dutch payments firm gained wallet share and added new customers, diversifying its merchant mix.

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% year-on-year on a constant currency basis.

Payments firms saw a boost from an increase in online shopping during the height of the Covid-19 pandemic.

But in recent years, companies such as Adyen have faced pressure from lower consumer spending.

Adyen, however, has benefited from significant growth from partnerships with its North ********* clients, such as Block’s Cash App in the U.S. and

This is the hidden content, please

• Sign In
• or
• Sign Up

in Canada.

In August, Adyen posted a 32% increase in core profit in the first six months of the year as it signalled an expansion of market share in Europe, the Middle East and ******* and North America.

Last year, the Dutch payments giant’s shares tanked nearly 40% in a single day on the back of worse-than-expected sales and declining profits in the first half of 2023

.

This is a breaking news story. Please refresh for updates.

This is the hidden content, please

• Sign In
• or
• Sign Up

#Payments #giant #Adyen #reports #jump #thirdquarter #sales

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up