Stripe rival Adyen's shares soar 21% as European payments giant posts profit beat, slows hiring
Publishing timestamp: 2024-02-08 11:57:50
Summary
Adyen reported strong sales growth and better-than-expected profit numbers for 2023. The company's net revenue grew about 22% for the year, driven by continued growth across its existing customer base. Adyen also addressed concerns about aggressive spending on hiring and stated that it has slowed down the pace of hiring. The company's shares jumped more than 21% following the announcement. Adyen's full-year results showed net revenue of 1.626 billion euros ($1.75 billion) and EBITDA of 743.0 million euros, both exceeding expectations. The company also expanded its partnership with an existing digital customer and announced new global partnership deals. Adyen is one of several payment companies facing challenges in 2023, but its strong performance has boosted investor confidence.
Sentiment: POSITIVE
Tickers: PYPL, WLN-FR, ADYEN-NL, SQ,
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