Adyen drops after 'lumpy' Q1 reveals sales miss, take rate concerns
** Adyen's ADYEN.AS shares slump around 14%after the Dutch digital payment company posts Q1 sales miss, while analysts flag concerns around collected fees known as the "take rate", which is at all-time lows
** Net revenue rose 21% year-on-year to 438 million euros ($469.36 million), slightly belowa Visible Alpha consensus of 442 million euros cited by Degroof Petercam
** KBC Securities calls results "lumpy", says revenue "lags behind somewhat," and came below its forecast
** The broker cuts the stock to "accumulate" from "buy", saying Adyen has had a strong rally since Q4 results
** Degroof Petercam, JPM and Stifel all flag a miss on the take-rate
** Net take rate decreased to 14.7 bps, down from 15.7 bps in Q4 and 17.7 bps in Q1 2023, says Stifel
** "Long term investors will want to know how quickly new products will ramp into volume and potentially slow or stabilize take rate decline given reported take rate decline in % terms is worst since company has been listed" - JPM
** If losses persist, shares will see their worst in over eight months, erasing almost all gains since a 21% jump on Feb. 8 as its 2023 earnings beat expectations
($1 = 0.9332 euros)
Reporting by Olivier Sorgho
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