Shares in Dutch payments processor Adyen NV fell by more than 20% on Thursday after first-half earnings missed analysts' estimates and the company's own targets.
Under rules that suspend trading when a major price move is expected, the start of trading in Ayden shares was delayed by around 20 minutes on Euronext which opens at 0700 GMT."These are disappointing results, particularly the sales miss and the key question will be whether the company can quickly revert to mid-term trend growth," JPMorgan analysts said in a note.
Earnings before interest, tax, depreciation and amortisation were 320 million euros , down 10% from a year earlier and below analyst forecasts of 386 million euros, Refinitiv data shows.Adyen said there were several reasons for the miss. "In some areas the business grew at a lower rate than anticipated," the company's executives said in a letter to shareholders. "This was the case for our North American net revenue ... an increasingly important contributor in recent years."
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