- Worldline, a Paris-listed payments company, saw its shares plummet by nearly 60% after revising its revenue expectations for 2023 in its Q3 earnings report.
- The company now expects 6% to 7% organic revenue growth for 2023, down from its previous forecast of 8% to 10%.
- The revision is attributed to a challenging macroeconomic environment in the second half of 2023, including an economic slowdown in its core geographies, particularly Germany, and shifts in consumer spending behavior.
- Worldline also faces temporary challenges, including the termination of certain merchant relationships due to associated risks and costs, as well as low conversion rates in its financial services division.
- The company plans to tighten its risk appetite policy, conduct a portfolio review, and launch a cost-cutting plan called Power24 to streamline operations and achieve cost savings in 2024.
- The CEO of Worldline, Gilles Grapinet, emphasizes the importance of reinforcing the company’s competitiveness and mid-term profile in the face of temporary challenges.
French paytech Worldline’s shares tumble after company revises guidance
