Lower profits at Adyen have seen the Dutch payments platform lose billions from its valuation this week.

The company had around €18 billion slashed from its market value after publishing its financial results on Thursday, according to The Financial Times.

Adyen recorded an EBITDA of €320 million for the first six months of the year, down by 10 per cent compared to the same period of 2022.

The e-commerce payments firm blamed lower profits on increased wages and salaries driven by the company's investments into scaling its global team for the long term.

The company also said that in some areas the business grew at a “lower rate than anticipated”.

This included the US, where revenue and digital volumes increased at around half the rate of those recorded in the first half of 2022.

The business said given that North America has been an “increasingly important contributor" in recent years, these developments have been more significant to overall net revenue.

“Beyond the current industry dynamics in North America, another factor that impacted our growth was one we wrote about at the end of 2021 too: the fact that we would have liked to grow our team at a higher pace but were unable to hire enough top-quality talent,” wrote the company in a letter to shareholders. “We now see the impact of a sales team size that did not match our ambitions, particularly in North America.”

It continued: “Since then, we have ramped up our investments. That being said, investments in the team and revenue never move simultaneously. Rather, the former drives the latter over time.”

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