Dutch financial technology firm Adyen reported rising revenue and core profits in its first-quarter results Tuesday, as the coronavirus pandemic boosted online payments but impacted on margins.
The company posted total first-quarter revenue of 135.5 million euros ($146.9 million), an increase of 34% from a year earlier. Adyen normally reports half-year and annual numbers, but decided to release an update on its performance at the start of 2020 due to Covid-19.
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.
Shares of the firm rose 9% Tuesday, making it the best individual stock performer of the pan-European Stoxx 600 index.
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.