Nov 7 Reuters Dutch payments group Adyen39;s shares fell nearly 10 on Thursday after its quarterly sales fell short of market expectations.
Adyen said its thirdquarter revenue on a constantcurrency basis was 498.2 million euros 535.32 million, up 21 from 413.6 million euros a year earlier. But it was below an analysts39; consensus forecast of 503.3 million euros.
European digital payments companies boomed after the COVID19 pandemic, but their shares have come under pressure as consumers have reined in spending.
Amsterdamlisted Adyen said that its quarterly processed volume rose to 320.6 billion euros, but flagged a dip compared to its firsthalf volumes.
The lower volume growth is driven entirely by a single large volume customer which, as previously referenced, has a limited impact on net revenue, Adyen said in a statement.
Adyen39;s shares, which were down 8.2 by 0904 GMT, are on track for their worst day since April.
Its platforms division, which works as an endpayment solution for businesses and users, produced the biggest percentage increase across Adyen39;s commercial businesses, up 44 on a yearonyear basis.
Adyen also said that further diversification in its merchant mix and wallet share expansion, a metric used by payments processors to measure their ability to pick up consumer spending, are still driving growth.
Given the discount structure of Adyen, where larger volumes are charged incrementally lower fees, seeing a drop in this large customer volumes…