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18 minutes ago
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What Adyen's tariff troubles portend for payments companies
Tariffs and the subsequent global trade war are hurting Adyen's financial outlook, causing the company to seek ways to deemphasize the U.S. "The tariffs are impacting some of our Asia Pacific merchants," Adyen CEO Ingo Uytdehaage said during Adyen's earnings the first half of 2025, Adyen reported net revenue of $1.27 billion, lower than the $1.3 billion forecast by LSEG analysts. First half earnings before interest, taxes and amortization were $635 million, lower than the $643 million estimated by analysts. Adyen also said its previously forecast "slight net revenue growth" is "unlikely" due to an increasingly uncertain macroeconomics. Adyen did not return a request for comment. Beyond the impact of tariffs, Adyen reported strong results, such as wallet share gains among existing merchants and improvements in adding new customers. But "the downward revision in full year net revenue growth guidance and commentary suggesting a persistent macro headwind in the second half will likely overshadow the positive data points," KeyBanc Capital Markets said in an analyst note on Adyen. "We walk away incrementally cautious on the balance of the year." Less focus on the U.S. Adyen, which is headquartered in Amsterdam, also has operations in the U.S. The company has accumulated a portfolio of payment and financial services products in competition with Stripe, Block, PayPal and other companies that sell payment technology to small businesses globally. Uytdehaage told analysts that it would attempt to route more transactions from China to non-U.S. consumers to reduce economic pressure from the trade war. "That's how we look at things we can't control," Uytdehaage said of viewing the tariffs as an "opportunity." "We can help those merchants move into new markets." While payment firms are looking at how tariffs and tighter immigration policy impact inflation and payment volume, there's one particular change that is heavily impacting China, and thus could hit Asian payment volume particularly hard. Read more about tariffs. Tariffs and Banking: Key Insights and Analysis | American Banker In Adyen's case the tariff impacts partly include the suspension of the de minimus rule. Tariffs for goods under $800 traditionally were waived under the rule. Large firms that sell Chinese goods, such as Temu and Shein, are subject to the de minimus rule's discontinuation given their large sales volumes of lower-cost items to the U.S. via e-commerce. Losing the $800 waiver exposes small purchases to the same uncertain tariffs as larger purchases. Adyen did not disclose its exposure to Shein or Temu, but its revenue includes transaction fees from online retailers, and Adyen attributed its tariff pressure to slower growth from APAC merchants with U.S. e-commerce customers. Downstream pressure While payment companies have mostly projected stronger than expected earnings for 2025, analysts said the recent imposition of new tariffs threaten those outlooks. "While we expect fundamentals in the second quarter to hold up, estimates for many payments companies anticipate a stronger second half relative to the first half driven by timing of growth initiatives or favorable comps," KBW said in a research report on the broader global payments industry. "The key question is whether confidence in the achievability of these growth targets remains intact as the impacts from tariffs in the second half come back into focus." Areas to watch include travel, discretionary online retail given the de minimis tax exemption to China going away, and restaurant spending, according to KBW. "But a weaker dollar should be an incremental tailwind for most of the companies in our coverage," KBW said. The notion that tariffs won't impact the payments industry is wishful thinking or denial, Eric Grover, principal at Intrepid Ventures, told American Banker, noting that tariffs are a tax on imports and are increasing the price of goods for consumers and producers. "They will, therefore, very directly reduce commerce and consequently payments," Grover said. "Cross-border e-commerce is likely to be most immediately and acutely impacted, which is why Adyen in particular is feeling the pain. But the rest of the payments industry isn't immune. Payment networks and processors will suffer, some more than others depending on their mix of business." Adyen has had more exposure outside the U.S., where the impact of tariffs is more likely to be felt, particularly in Asia, Aaron McPherson, principal at AFM Consulting, told American Banker. Another important factor is the delay in tariffs, which has muted their impact thus far, McPherson businesses have absorbed the impact of tariffs, but may soon have to pass on the cost of tariffs to consumers because the businesses can no longer afford the extra expense. Inflation in the U.S. has started to increase along with signs of a weakening labor market. Given these factors, Adyen's relatively weak earnings report may be a harbinger of problems to come, according to McPherson. "We'll need to see more corporate reporting to gauge the full effect of the tariffs, but given that the majority of them only went into effect this week, they would not have shown up in last quarter's numbers anyway," he said. Sign in to access your portfolio
Yahoo
18 minutes ago
- Yahoo
Taiwan Semiconductor Manufacturing Company Limited (TSM) Is Worried About High Construction Costs Of US Plants, Says Jim Cramer
We recently published . Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is one of the stocks Jim Cramer recently discussed. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) isn't a frequent feature of Cramer's morning show despite the fact that the firm is the world's largest contract chip manufacturer. His previous remarks about the company have pointed out that most of its revenue gains are due to orders from NVIDIA. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is playing a key role in bringing chip manufacturing to the US through its multi-billion-dollar facilities in Arizona. However, the firm has faced some troubles, such as rising costs and cultural differences. Here is what Cramer said about Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM): 'By the way, Taiwan Semi is saying it costs a huge amount of money to build here versus Arizona.' the-main-processor-3334336_1280 Previously, the CNBC TV host discussed Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)'s earnings and financial performance: 'Yeah look, Taiwan Semi reports overnight. It's an unbelievably good number but understand it's really unbelievably good number because of high performance computing. In other words, it's a good number because of NVIDIA. While we acknowledge the potential of TSM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
18 minutes ago
- Yahoo
Factbox-Russian energy export disruptions since start of Ukraine war
(Reuters) -When U.S. President Donald Trump meets Russian President Vladimir Putin on Friday, one of his bargaining chips to encourage Putin to make progress toward a ceasefire in Ukraine will be to ease U.S. sanctions on Russia's energy industry and exports. Trump has also threatened tougher sanctions if there is no progress. Here is how sanctions have impacted Russian energy exports since the start of the conflict. NATURAL GAS AND LNG Russia was the top supplier of natural gas to Europe before the war. Most gas travelled through four pipeline routes: Nord Stream running under the Baltic Sea, the Yamal line crossing Poland, transit via Ukraine, and the Turkstream line. Europe also imports Russian liquefied natural gas (LNG). In 2021, total Russian gas imports to the EU totalled 150 billion cubic metres (bcm) per year, or 45% of its total imports, and have fallen to 52 bcm or 19% since, according to the European Commission. While the EU has not imposed sanctions on Russian pipeline gas imports, contract disputes and damage to Nord Stream caused by an explosion, have cut supplies. As part of a fresh round of sanctions announced in July, the European Union has now banned transactions including any provision of goods or services related to Nord Stream, which albeit damaged could be revived as a gas supply route. Transit via Ukraine ended at the end of 2024, leaving just Turkstream as a functioning route for Russian pipeline gas to Europe. The European Commission has also proposed a legally binding ban on EU imports of Russian gas and LNG by the end of 2027, but this has not been passed into legislation yet. The U.S. in 2024 imposed sanctions on companies supporting the development of Russia's Arctic LNG 2 project, which would become Russia's largest plant with an eventual output of 19.8 million metric tons per year. OIL The U.S., UK, and EU all prohibited the import of seaborne crude oil and refined petroleum products from Russia during the first year of the war in Ukraine. In addition to the embargoes, the G7 group of countries (including the US, UK, and EU) imposed a price cap on Russian seaborne crude oil for third countries at $60 per barrel in December 2022, and a cap on fuels the following February. The EU and UK altered the crude price cap level in June 2025 to $47.60, or 15% below the average market price, but the U.S. did not back the move. The price cap aims to reduce Russia's revenues from oil sales by prohibiting shipping, insurance and reinsurance companies from handling tankers carrying crude traded above the cap level. Western powers have also imposed sanctions on more than 440 tankers belonging to the so-called shadow fleet that transports sanctioned oil outside of Western services and the price cap. Russia's leading shipper Sovcomflot is also under sanctions in the West. The U.S. has also sanctioned major Russian oil companies including Gazprom Neft and Surgutneftegaz. The measures banning Russian oil imports in the west and restricting Russian oil trade elsewhere have redirected Russian oil flows towards Asia, with China, India, and Turkey emerging as the major buyers for Russian crude. The price cap was meant to keep Russian oil flowing to prevent a spike in global oil prices which would have followed a halt or severe drop in Russian exports. Trump has, however, signalled a change in policy in recent weeks by threatening to impose secondary sanctions on India and China for buying Russian oil to put pressure on Putin to agree to a ceasefire in Ukraine. COAL The European Union banned imports of Russian coal in 2022, seeing volumes drop from 50 million metric tonnes in 2021 to zero by 2023, according to data from Eurostat.
