** Adyen's ADYEN.AS shares slump around 14% after the Dutch digital payment company posts Q1 sales miss, while analysts flag concerns around collected fees known as the "take rate", which is at all-time lows

** Net revenue rose 21% year-on-year to 438 million euros ($469.36 million), slightly below a Visible Alpha consensus of 442 million euros cited by Degroof Petercam

** KBC Securities calls results "lumpy", says revenue "lags behind somewhat," and came below its forecast

** The broker cuts the stock to "accumulate" from "buy", saying Adyen has had a strong rally since Q4 results

** Degroof Petercam, JPM and Stifel all flag a miss on the take-rate

** Net take rate decreased to 14.7 bps, down from 15.7 bps in Q4 and 17.7 bps in Q1 2023, says Stifel

** "Long term investors will want to know how quickly new products will ramp into volume and potentially slow or stabilize take rate decline given reported take rate decline in % terms is worst since company has been listed" - JPM

** If losses persist, shares will see their worst in over eight months, erasing almost all gains since a 21% jump on Feb. 8 as its 2023 earnings beat expectations

($1 = 0.9332 euros)

(Reporting by Olivier Sorgho)

((Olivier.Sorgho@thomsonreuters.com))