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Payments company Adyen beats full-year earnings expectations

Credit: REUTERS/Eva Plevier

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Feb 8 (Reuters) - Dutch digital payments company Adyen ADYEN.AS beat 2023 earnings expectations, it said on Thursday, helped by higher sales and stricter cost control.

Core profit (EBITDA) was up 2% at 743 million euros ($801.03 million), against the 720.6 million euros expected by analysts in an LSEG poll.

The digital payments sector has taken a hit from consumers spending less and faces tougher regulatory scrutiny in response to online fraud flagged by the likes of France's Worldline WLN.PA.

The sector flourished during the COVID-19 pandemic but a set of guidance cuts last year deterred investors and prompted companies to focus on cutting costs.

Adyen's core profit margin rose to 48% in the second half of 2023, against 43% a year earlier. It attributed the improvement to a hiring slowdown announced late last year.

Net revenue for 2023 rose 22% to 1.63 billion euros and the company confirmed its financial targets.

($1 = 0.9276 euros)

(Reporting by Olivier Sorgho Editing by David Goodman)

((Olivier.Sorgho@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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