Adyen Plummets as Sales Miss Erases $20 Billion of Market Value
- Revenue growth was hurt by pricing competition, inflation
- Net sales rose 21% to €739.1 million, missing estimates
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Adyen NV’s shares plunged as aggressive competition in North America contributed to the slowest revenue growth since its initial public offering, erasing more than €18 billion ($19.6 billion) of market value in a single day.
Shares of the Dutch payment processing company fell a record 40.6% to €875 at 4:49 p.m. in Amsterdam, the lowest since May 2020. Trading was temporarily halted due to volatility multiple times in the day.