(Reuters) -Dutch payments company Adyen reported a 20% rise in half-year revenue on Thursday, missing market expectations, as U.S. tariffs and a weaker dollar outweighed the positive impact of continued expansion with existing customers.
Net revenue for the first six months stood at 1.09 billion euros ($1.27 billion) against the 1.11 billion expected by 16 analysts polled by LSEG.
“While we have broadly progressed as expected, a subset of customers has been affected by external pressures”, the company said in a letter to shareholders.
The company also cut its annual net revenue growth outlook, saying the previously announced slight acceleration will be “unlikely” due to a slowdown in market volume growth expected to persist through the remainder of the year.
Adyen’s half-year earnings before interest, taxes, depreciation and amortisation (EBITDA) also missed estimates, coming in at 543.7 million euros, with a margin of 50%.
Analysts forecast around 550.8 million euros on average.
“We expect EBITDA margin to expand in 2025, albeit at a more moderate rate than in 2024,” the company added in a press statement.
Adyen has endured previous shifts in consumer spending trends thanks to its broader customer base and geographic diversification, competing in markets outside Europe, unlike struggling rivals Worldline and Nexi.
However, its higher exposure to international markets also makes it more susceptible to hypersensitive currency swings.
($1 = 0.8549 euros)
(Reporting by Mateusz Rabiega and Gianluca Lo Nostro in Gdansk; Editing by Janane Venkatraman)
