Worldline, a French payment technology firm, saw its shares tumble to an all-time low on Thursday after the company cut its 2024 outlook. This move came as a result of weakening consumer spending across Europe and uncertainty about a potential recovery in the second half of the year. The payments industry is facing increased pressure as the post-pandemic boom wanes and competition intensifies.
Worldline’s shares dropped 15.5% to 8.87 euros, marking the biggest daily decline among members of the European benchmark STOXX 600 index. The company reported a softer macroeconomic environment in the second quarter, with slower growth in merchant services volumes across Europe.
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Despite the challenging environment, Worldline highlighted an improvement in volumes since the start of July. The company has also implemented a restructuring program and increased its cost savings target for 2025 to mitigate the impact of the difficult market conditions. Worldline is reportedly working with bankers to develop a defense strategy to prevent a hostile takeover following the sharp decline in its share price.