Dutch payments processor Adyen reported first-half 2025 net revenue of €1.09 billion, a 20% year-on-year increase but slightly below the €1.11 billion analysts expected. Processed payment volume rose 5% to €649 billion and EBITDA climbed 28% to €543.7 million, leaving the margin near 50%. Management withdrew its forecast for a slight acceleration in full-year net-revenue growth, saying results will probably track the first half’s pace instead. The company blamed weaker cross-border volumes after Washington scrapped the so-called de minimis tariff exemption on shipments under $800, a change that has squeezed Chinese marketplaces such as Temu and Shein that use Adyen’s platform, as well as headwinds from a softer U.S. dollar. The guidance cut sent Adyen’s shares down as much as 19% in Amsterdam trading, their steepest intraday loss since 2023 and enough to wipe roughly $10 billion off the fintech’s $54 billion valuation. Analysts said the warning underscores the broader risk that rising U.S. tariffs pose to payment companies and e-commerce merchants worldwide.