Another set of results from Adyen, another stock-market drubbing. The Dutch payments provider, once a darling of the European tech scene, needs Silicon Valley to get its mojo back.
The stock was down by more than a quarter in European trading Thursday after the company put out half-year numbers that showed a significant slowdown in sales and a 10% drop year over year in earnings before interest, taxes, depreciation and amortization.
Adyen, which manages payments for the likes of eBay and Uber, said some clients were optimizing costs rather than focusing on growth, particularly in the U.S. That is giving an opening to cheaper competitors, which it said provide “savings over functionality.” It attributed the trend to higher inflation and interest rates.