Shares of Dutch payment processor Adyen fell 16% on Wednesday as the fast-growing company missed earnings expectations after a surge in hiring.
reported its second-half earnings rose to €282 million ($303 million) from €264.9 million.
Its earnings before interest, tax, depreciation and amortization rose 4% to €372 million, while revenue rose 30% to €721.7 million, with processed volume up 41%.
Analysts had expected an EBITDA of €444 million on revenue of €735 million. Adyen’s hiring represented a 30% increase in full-time staff.
It retained its medium-term guidance for revenue growth between the mid-20% and low-30% and for an increase in margins toward 65% in the long term.
“In an environment where many other fintechs are pulling back on investment in order to deliver margin and earnings to investors, Adyen’s focus on the long-term vision remain unfazed,” said analysts at SMBC Nikko Securities America.
Adyen is trading at 58 times projected 2023 earnings, according to FactSet data.