(Reuters) -Adyen, one of the world's largest payment companies, reported quarterly revenue below market expectations on Wednesday, showing the Dutch company was not immune to the impact of global trade tensions on economic activity and its clients.

Its shares fell as much as 5.7% in early trade.

Despite its global reach and track record navigating a challenging market environment, Adyen remains exposed to the risk of a global recession, analysts say.

The Amsterdam-listed company has been relying on its U.S. clients, such as eBay and Cash App to win more market share in the country, where its main competitors include fintech giants PayPal ( PYPL ) and Fiserv ( FI ).

"We see the opportunity in the U.S. the same as it was before," Adyen Chief Financial Officer Ethan Tandowsky told Reuters.

He said that economic volatility might affect some of its clients, but this would not change Adyen's strategy or its outlook.

"We're focused on what we can control: deepening relationships with existing customers and onboarding new ones."

Adyen's first-quarter net revenue rose 22% to 534.7 million euros ($608.3 million), missing analysts' average estimate of 541 million euros, according to a Visible Alpha consensus provided by the company.

Its processed volume, or the value of all transactions on its payment platform, totalled 318.8 billion euros in the quarter, below 336.1 billion euros expected by analysts.

Still, the group maintained its forecast that 2026 net revenue growth will be in the low- to high-twenties percentage range, and core earnings (EBITDA) margin will top 50%.

Adyen also confirmed its earlier 2025 forecast of higher revenue growth, albeit with a caveat.

"If market volume growth slows, achieving the anticipated acceleration may prove more challenging," Tandowsky said in a statement.($1 = 0.8790 euros)