Shares of the Adyen rose 7% Tuesday, making it one of the top performers of the Stoxx 600 index.
Adyen posted first-quarter revenue of 135.5 million euros, an increase of 34% from a year earlier.CFO Ingo Uytdehaage said the company has seen a "huge pickup" in online retail volume.Dutch financial technology firmreported rising revenue and core profits in its first-quarter results Tuesday, as the coronavirus pandemic boosted online payments but impacted on margins.
Adyen's earnings before interest, taxes, depreciation, and amortization rose 16% year-on-year to 63.6 million euros, while its profit margin declined to 47%, from 56% last year due to investment into hiring and marketing and a hit to net revenue in March from the coronavirus outbreak. Transaction volume climbed 38% year-on-year to 67 billion euros, but Chief Financial Officer Ingo Uytdehaage said volumes declined in the last four weeks of the quarter due to store closures and disruption to airlines and accommodation.
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