Pain In Payments Land
Global payments is a very competitive space that boomed during the pandemic but has cooled off significantly since. 🥶
Today’s victim is Dutch payments processor Adyen NV, which fell nearly 40%, erasing roughly $15 billion off its market capitalization. Driving the move was a first-half earnings miss after it experienced weaker-than-expected sales growth and higher costs. With today’s plunge, shares are down about 70% from their 2021 peak. 📉