Dutch fintech company Adyen has reported total first-quarter revenue of 135.5 million euros ($146.9 million), a rise of 34% on the previous year.
The company’s revenue has been boosted in some areas by the coronavirus pandemic and reduced in others, but the company is one of the few winners from the current climate, with the transition to online services & payments providing an overall positive impact.
Shares in Adyen, who process payments for companies like Uber and Netflix, rose 9% on the back of the news, making the company the best individual performer of the pan-European Stoxx 600 index.
Adyen’s stock price has now more than doubled since its initial public offering in 2018. The company normally only reports every six months, but decided to release an update due to the ongoing situation and fears surrounding it.
Despite the positive news, the company’s profit margin did decline to 47%, compared to 56% the previous year. This can be explained in part by investments made by Adyen, but is also partly due to a fall in net revenue in March as a result of the pandemic.
Adyen are not the only payment processing company to have seen positive performance since the outset of the pandemic. Rival company Stripe was recently valued at $36 billion following strong performance in the first quarter of 2022.