Adyen (OTCPK:ADYEY) stock slid as much as 11.2% on Thursday despite the payment company's solid H1 results.
ADYEY reported H1 EPS of €9.09 vs. €6.69 in H1 2021, while revenue grew 36.7% Y/Y to €608.53M.
Processed volume was €345.8B, up 60% Y/Y, driven by customers already on the platform, representing over 80% of growth.
Point-of-sale volumes were €44.9B, up 97% Y/Y and accounting for 13% of total processed volume.
Take rate was 17.6 bps vs. 18.6 bps in H2 2021 and 20.6 bps in H1 2021. The decline was driven by ADYEY's tiered pricing strategy and continued growth of existing customers, growth of airline volumes as lockdown restrictions were lifted, and higher average transaction value (resulting from travel volume growth).
Full-stack volume was 78%, down from 83% in H1 2021, reflecting higher travel volume growth as ADYEY does not offer acquiring to airlines.
EBITDA margin was 59%, impacted by ADYEY's 1% for the UN SDGs commitment, and travel and event costs returning.
Inventories at the end of H1 2022 stood at €54.4M vs. €18M in H1 2021.
ADYEY also reaffirmed its 2022 guidance.
Ahead of results, the company announced its first in-house designed terminals to advance in-person payments.
Shares of ADYEY declined 35% YTD.