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Pavlo Gonchar | Sopa Images | Lightrocket | Getty ImagesSpirits were high when Dutch payments firm Adyen floated on the Amsterdam Stock Exchange in 2018. The company was riding a wave of growth in Europe's technology sector and snapping up competition from its mega U.S. rival PayPal. Since then, the company has weathered a turbulent ride, including a global pandemic that knocked volumes from travel clients significantly. Company shares plummeted 39% on Thursday, erasing 18 billion euros ($39 billion) from Adyen's market capitalization, as investors dumped the stock after the firm reported its slowest revenue growth on record. Adyen has typically been viewed as a growth stock, after consistently reporting revenue growth of 26% each half-year period since its 2018 stock market debut.
Persons: Pavlo Gonchar, Adyen, Pieter van der, Arnout Schuijff, Ethan Tandowsky, CNBC's, Tandowsky, EBITDA, Simon Taylor, Taylor Organizations: Amsterdam Stock Exchange, PayPal, Company, CNBC, Netflix, Meta, Spotify, Enterprise, Financial Locations: North America
The Adyen share plunge "was because expectations were much higher. Analysts believed that Adyen would take significantly more share in this difficult market environment," said Jefferies equity analyst Hannes Leitner. Was the share price reaction justified? One European equities trader, who asked not to be named, noted there were orders to sell Adyen shares at any price and referred to "apocalypse selling." According to data from Refinitiv, 17 analysts rated Adyen "buy", 12 "hold", and 4 "sell" before the earnings announcement.
Persons: Eva Plevier, Jefferies, Hannes Leitner, Refinitiv, Adyen, Worldline, Italy's, Marco Simion, Pieter van der, , Samuel Indyk, Elizabeth Howcroft, Danilo Masoni, Toby Sterling, Dhara, Alun John, Cynthia Osterman Organizations: REUTERS, Analysts, Citigroup, UBS, KPMG, Privately, Thomson Locations: Amsterdam, Netherlands, MILAN, North America, Swiss, Adyen, EMEA, Refinitiv, London, Milan
CNN —A Dutch soccer match between FC Groningen and Ajax was called off on Sunday because fans twice threw fireworks onto the pitch. “FC Groningen - Ajax has been suspended after 10 minutes of playing due to multiple incidents in which fireworks were thrown onto the pitch,” the Amsterdam-based club Ajax said in a statement. “But as always: thank you fans for your unconditional support!”According to FC Groningen, its home fixture between the two clubs in the Eredivisie – the Netherlands’ top-flight league – was first stopped six minutes into the match. After the players returned to the pitch 15 minutes later, referee Jeroen Manschot was forced to stop the game a second and final time when more fireworks were thrown, the club said. Sunday’s suspension marks the fourth Dutch top-flight league match to be temporarily paused since Friday due to objects being thrown onto the pitch.
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