Adyen reported a big loss in first-half sales on Thursday. The news resulted in a $20 billion loss in the company's market value.
Buffalo Gonchar | soba pictures | Rocket Lite | Getty Images
Aden It reported a jump in sales in the third quarter as the Dutch payments company 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-over-year on a constant currency basis.
Payments companies saw a huge boost from increased online shopping during the height of the Covid-19 pandemic.
But in recent years, companies like Adyen have faced pressure from declining consumer spending.
However, Adyen has benefited from significant growth from partnerships with its North American clients, e.g Block Cash App in the United States and Shopify In Canada.
In August, Adyen posted a 32% increase in underlying earnings in the first six months of the year as it flagged an expansion in market share in Europe, the Middle East, Africa and North America.
Last year, shares of the Dutch payments giant fell nearly 40% in a single day on the back of worse-than-expected sales and lower profits in the first half of 2023.
.
This is a breaking news story. Please refresh for updates.
