Despite a nearly fivefold drop in total revenue, Amsterdam-based payments company Adyen's net income for the first six months of 2023 was higher than a year earlier.。Net profit also rose slightly, showing the resilience of European fintech amid deteriorating industry conditions in recent months.。

Adyen sales growth in the first half of 2023

In the first half of 2023, Adyen's processing capacity reached 426 billion euros, an increase of 23% over the previous year.。In addition, total point-of-sale sales soared to 67 billion euros, up 49% year-over-year.。

Although total revenue during the reporting period increased from 39.500 million euros down to 8.5.4 billion euros, but the sharp reduction in costs has led to an increase in net income.。The final price was 7..3.9 billion euros, up more than 1.€300 million。Net profit reached 2.831.7 billion dollars, compared to 2.831.4 billion US dollars。

However, EBITDA decreased significantly by 10% year-over-year, mainly due to "Adyen's expansion of global team size, resulting in increased wages and salaries."。EBITDA margin held steady at 43% as a result of these decisions。

"For the first half of 2023, our net income was 7.39.1 billion euros, up 21%。EBITDA margin down to 43%, "Adyen co-founder and co-CEO Pieter van der Dos said in the shareholder letter.。"We continue to build Adyen for the long term and have made solid progress in attracting top talent, expanding our platform offerings and driving unified commerce growth."。"

According to performance data, the free cash flow conversion rate remains strong at 77%。Meanwhile, capital expenditure (CapEx) accounted for 7% of net income..6%。

Growing in Challenges

Adyen remains profitable amid worsening conditions in European fintech sector。In the second half of 2022, fintech financing amounted to $63.2 billion, with 2,885 transactions.。However, according to KPMG's FinTech Pulse report, financing declined in the first half of 2023, from 2,153 transactions to $52.4 billion.。

Last year, Adyen introduced several new solutions, including embedded financial products.。According to the press release, platforms and marketplaces can now create tailor-made financial experiences for their users, such as small business owners and individual sellers who use these products, a solution adopted by e-commerce company Radial and others.。

Meanwhile, Adyen has launched a "Tap to Pay" feature on Apple devices for its US customers.。Adyen works with enterprise customers and commerce platforms such as Lightspeed Commerce and NewStore to make this feature available to as many businesses as possible。