Payments group Adyen defends hiring spree as shares tumble 20%

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European payments company Adyen has defended a hiring spree that left its first-half profits far below expectations and sent shares in the group down 20 per cent in early trading on Thursday.

The Dutch company, which listed in 2018, added 551 more employees in the first half of the year, taking its total workforce to 3,883.

The sustained recruitment by Adyen has defied the broader trend of fintechs retrenching as interest rates rise and major economies slow.

The hiring knocked the group’s profits in the first half of the year, as it reported earnings before interest, taxes, depreciation and amortisation of €320mn, below expectations of €365mn.

Chief financial officer Ethan Tandowsky said: “Going into 2023, we said we expected to hire a similar amount of people as we did in 2022. We continue to plan to execute against those hiring plans.”

Last year, the company added more than 1,000 staff. Adyen serves a range of clients including Spotify, Uber, Booking.com and Microsoft.