Adyen earnings miss on both sales growth and margins
Share fall reflects worries on company and sector
Company cites US competition, hiring costs
Adyen stands by mediumterm financial forecasts

AMSTERDAM, Aug 17 Reuters Shares in Dutch payments processor Adyen NV fell by more than a quarter on Thursday after its firsthalf earnings missed analysts39; estimates and the company39;s own mediumterm targets.

The sharp selloff in Adyen39;s stock highlights analysts39; concerns about stretched valuations in the digital payments sector and worries about a slowdown in what has been viewed as a highgrowth business.

Adyen, which provides services to the likes of Netflix, Meta, Microsoft and Spotify, said revenue growth was slower in North America and that its margins were impacted by hiring costs.

Its shares fell sharply after a delayed start on Euronext due to high volatility and were down 27 at 1,080 euros at 1005 GMT. At current prices shares are now down about 16 in the year to date, surrendering gains up to Wednesday39;s close.

These are disappointing results, particularly the sales miss, and the key question will be whether the company can quickly revert to midterm trend growth, JPMorgan analysts said.

Earnings before interest, tax, depreciation and amortisation EBITDA were 320 million euros 348 million, down 10 from a year earlier and below analyst forecasts of 386 million euros, Refinitiv data showed.

Revenue rose 21 to 739 million euros, against Adyen39;s midterm…