Adyen Transaction Volumes Slow as Revenue Climbs 21%

Payments platform Adyen shared third-quarter earnings results Thursday (Nov. 7) showing that revenue climbed 21%, although slowing transaction volumes reportedly worried investors.

“Our growth continues to be driven by longstanding underlying trends, including wallet share expansion, further diversification in our merchant mix and winning new business,” the Dutch company said in a business update Thursday. “Existing customers continue to drive the majority of our growth.”

However, the company’s shares fell close to 6% Thursday after the earnings report was issued, with losses of up to 11% earlier in the trading session, CNBC reported. Adyen’s stock initially failed to trade when the Dutch markets opened.

Citi analysts said “weaker” transaction volume was likely to get the attention of investors amid concerns about end-market weakness, according to the report.

“Either way, the take rate on the processed volume is comfortably higher than expected and, if sustainable, should support sales growth acceleration in 2025/26, while the lower run-rate of hiring should support continued margin uplift,” they said, per the report.

Adyen’s digital processed volumes climbed 29% year over year, “driven entirely by a single large volume customer,” which “has limited impact on net revenue,” the business update said.

The 29% figure was lower than the previous quarter, CNBC reported, adding that Cash App is the large volume customer.

Adyen’s Unified Commerce point-of-sale terminals recorded 33% growth year over year, and the company added 46,000 such terminals over the past year, bringing the total number to close to 300,000, the business update said.

Meanwhile, Adyen brought on 35 new workers during the quarter, per the update. This is a slight expansion as the company continues to slow hiring after getting blowback over the speed of its investment in new staff last year.

Meanwhile, Adyen announced last week that it is expanding the availability of Tap to Pay on iPhone to five more countries: Austria, Czech Republic, Ireland, Romania and Sweden. The functionality lets businesses accept contactless payments with an iPhone, with no need for additional hardware.

“We have seen how Tap to Pay on iPhone has changed how consumers and businesses experience mobile payments for the better across the many regions where Tap to Pay on iPhone is already available with Adyen,” Alexa von Bismarck, president EMEA at Adyen, said at the time.

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