Dutch payment processor AdyenCore earnings reported an increase of 51% in the first quarter 2021. This exceeded expectations and sent its stock price to a sharply higher level.

According to the company, net revenue for the quarter was 556.5 million euro ($635.9million), an increase of 47% over last year. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA), a measure of earnings before interest, taxes, depreciation or amortization, increased 51% to 353 million euros.

This was significantly higher than what analysts had expected from Reuters: 552million Euros of net revenue, and 346million euro of EBITDA.

Adyen’s profit margin increased to 64% during the second half, compared with 61% the previous half. Total processed transactions jumped 72%, to 300 billion Euros.

According to the company, it stated that its guidance was unchanged from last year’s results.

Shares of Adyen rose 11% Wednesday morning — though they’re still down more than 20% year-to-date amid a slump in tech stocks due to fears over higher interest rates. Market value for the Amsterdam-based company is almost $60 billion.

Adyen was quite different from its U.S. peers in terms of Adyens earnings report PayPalAccording to, the company posted mixed results and low guidance in its fourth quarter. PayPal blamed inflation for the slowdown in consumer spending at that time.

Dan Schulman, CEO of PayPal, also stated that the PayPal transition is underway eBay — its former owner — away to a new payments system was also “hiding some of the underlying strength of the business.” Adyen and EBay have partnered on the new system.

Adyen claimed that the company’s results are “bolstered due to the relentless rise in online commerce worldwide.” Changes in consumer behaviour during the coronavirus period have helped digital payments to flourish, and e-commerce adoption is growing rapidly.

According to the company, it witnessed in-store shopping rebound to life during the second half 2021. The platform’s point-of sale volumes nearly doubled year-on–year to 41.8 million euros. This was faster than online sales volumes.

Adyen was founded in 2006 and acts as an intermediary between payment options and large merchants like Uber, Netflix Spotify. In 2018, the company was listed at Euronext Amsterdam’s stock exchange with a market capitalization of $15 billion.