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With the novel coronavirus driving consumers to e-commerce, payments provider Adyen NV posted first-quarter revenue of 135.5 million euros ($146.9 million), up 34% year-over-year.
Volume rose 38% to 67 billion euros ($72.6 billion). Adyen processes payments for companies such as Uber, McDonalds, and Netflix, and also provides gateway services for eBay Inc.’s new managed-payments platform.
In a trading update Adyen released Tuesday, the Amsterdam-based processor said the results reflected the impact of Covid-19. “We registered negative impact mostly in the travel (i.e. airlines, [online travel agencies] and accommodation) and in-store retail verticals, and positive impact in digital goods and online retail,” the update says.
Indeed, other data supports the decline in in-store purchasing. According to CardFlight Inc.’s latest Small Business Impact Report, sales at small businesses were down 29.3% as of April 15 from early March.
Specifically within the retail segment, Adyen said its first-quarter online retail volume largely compensated for the drop in in-store volume. “This underscores the robustness of unified commerce strategies—these merchants are able to seamlessly move volume from in-store to online sales channels,” the company said.
Adyen, which has U.S. headquarters in San Francisco, said it is prepared to weather the pandemic. “Our merchant portfolio is mostly made up of enterprise merchants and has been built with a long-term perspective in mind,” its note says. “We’ve historically been averse to onboarding high-risk volume as a part of this philosophy, which gives us added comfort in the current environment.”
—With additional reporting by John Stewart
