Trading in Adyen shares briefly halted after 25% price loss

Trading in Adyen shares briefly halted after 25% price loss

Happy Friday FinTech Fanatic,

After Nubank released it’s financial results earlier this week, Amsterdam-based FinTech unicorn Adyen published its shareholder letter and financial statements for H1 2023 on Thursday.

Although Adyen reported revenue of 739.1 million euros ($804.3 million) in the first half of the year, up 21% from 2022, the results came in lower than analysts had estimated.

Adyen’s worse-than-expected sales caused a share price loss of 25 percent, after which trading in Adyen shares was briefly halted on the Amsterdam stock exchange on Thursday, according to ANP.

The share price loss of 25 percent is the largest ever daily loss for the payment company, which has been listed on the Amsterdam stock exchange since 2018. After the short trading break, the loss continued to mount to nearly 27%.

Adyen is one of the biggest FinTech firms in Europe, with a market capitalization of 35.4 billion euros. Although the slowest sales growth on record Adyen still prepares for its next growth phase, given the fact they continue to hire extensively, contrasting with large tech groups like Amazon, Google, and Facebook, which have announced mass layoffs.

Nubank announced two major updates

As said, Yesterday we shed light at the release of Nubank’s impressive financial results over Q2-2023. Now, the Brazilian unicorn announced two major updates.

First, they launched Nubank Lar Seguro, a home insurance offering, in partnership with Chubb, the world’s largest publicly traded property and casualty insurer.

The second update is a temporary virtual credit card that expires in 24 hours, aimed to give online shoppers an extra layer of protection against potential fraud.

Obviously, the temporary card is not recommended for recurring purchases as the card expires in 24 hours and automatically deleted afterwards, and new purchases will be denied after that.

Thanks for reading this far and onwards to the other FinTech news!


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