Adyen's (OTC: ADYE.Y) stock dropped 15% on Feb. 8 in response to its latest earnings report. In the second half of 2022, the Dutch digital payments provider's revenue rose 30% year over year to 722 million euros ($775 million) but missed the consensus forecast by 14 million euros. It mainly blamed that slowdown on its sluggish e-commerce sales in Europe, which offset its stronger post-pandemic growth across travel-oriented sectors.
On the bottom line, Adyen's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose just 4% to 372 million euros ($399 million), which broadly missed analysts' expectations for 25% growth. It mainly blamed that big miss on its big hiring spree throughout the year.
Adyen ended the year with 3,332 full-time employees, representing 53% growth from the end of 2021. But instead of pruning that workforce, Adyen told investors it would grow its head count at a similar rate in 2023 as it prioritized its long-term expansion over its near-term profits.
Source Fool.com