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Klarna - 2 Sebastian Siemiatkowski - 2 Siemiatkowski - 2 — - 1 OpenAI's - 1 David Sandstrom - 1 Supantha Mukherjee - 1 Anna Ringstrom - 1
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☆ Buy now, pay later firm Klarna cuts losses in first half but falls short of profit
  + stars: | 2023-08-31 | by ( Ryan Browne | ) www.cnbc.com   time to read: +4 min
Swedish buy now, pay later firm Klarna reduced its losses by roughly 67% in the first half of 2023, as the company dramatically cut costs in a bid toward profitability. The company reported overall net operating income of 9.2 billion Swedish krona ($843.5 million), up 21% year-over-year. Failing to record a half-year profit, the firm posted a net loss of 2.1 billion Swedish krona for the period, down 67% from 6.4 billion krona between January to June 2022. Credit losses, a measure of how much the company sets aside for customer defaults, sank by 39% to 1.8 billion krona from 2.9 billion. Buy now, pay later, or BNPL, firms allow shoppers to defer payments to a later date or purchase things over installments on interest-free credit.
Persons: Klarna, Sebastian Siemiatkowski, Siemiatkowski, —, OpenAI's, David Sandstrom Organizations: CNBC, PayPal Locations: Helsinki, Finland
☆ Klarna eyes return to quarterly profit "very soon" after H1 loss shrinks
  + stars: | 2023-08-31 | by ( Anna Ringstrom Supantha Mukherjee | Anna Ringstrom | Supantha Mukherjee | ) www.reuters.com   time to read: +2 min
The January-June operating loss at the privately held (BNPL) fintech, which last made a full-year profit in 2018, was 2.01 billion crowns ($185 million) against a year-earlier loss of 6.17 billion. "We feel very confident that we'll be posting a profitable quarter very soon and then eventually also a full profitable year." Klarna Bank is a unit of Klarna Holdings, which has attracted investment from the likes of Sequoia, Permira and Silver Lake. Siemiatkowski said Klarna, whose biggest market by revenue is the U.S., now has more than 30 million users. In the second quarter, gross merchandise volume (GMV) - the value of goods purchased through Klarna - was up 14%, and revenue growth was 17%.
Persons: Sebastian Siemiatkowski, Siemiatkowski, Klarna, Supantha Mukherjee, Anna Ringstrom, Terje Solsvik, Sharon Singleton Organizations: Klarna Bank, Reuters, Klarna, Klarna Holdings, Sequoia, Thomson Locations: STOCKHOLM, Ukraine, Silver, U.S, Klarna
☆ Fintech firm Klarna halves net loss in first quarter as it races toward profitability
  + stars: | 2023-05-26 | by ( Ryan Browne | ) www.cnbc.com   time to read: +2 min
Klarna, the Swedish buy now, pay later fintech company, halved its net loss in the first quarter, recording a significant improvement in its bottom line after a major cost-cutting drive. The company posted a net loss of 1.3 billion Swedish krona ($120.7 million), down 50% from the 2.6 billion krona loss in the same period a year ago. Klarna reported total net operating income of 5 billion Swedish krona, up 22% year-over-year. The results show how Klarna is making "significant strides" toward profitability on a monthly basis, the firm said. Buy now, pay later firms, which allow shoppers to defer payments to a later date or pay over installments, have been particularly impacted by souring investor sentiment on technology, amid a worsening macroeconomic environment.
☆ Fintech firm Klarna overhauls its app with a TikTok-like discovery feed as A.I. hype swirls
  + stars: | 2023-04-25 | by ( Ryan Browne | ) www.cnbc.com   time to read: +6 min
According to David Sandstrom, Klarna's chief marketing officer, the firm took inspiration from Chinese tech platforms, which he said have mastered the art of algorithm driven-shopping. The Klarna app has been redesigned to tailor product recommendations to users based on their shopping habits using artificial intelligence. Klarna and other buy now, pay later products proved popular during the onset of the Covid-19 pandemic. Meanwhile, buy now, pay later has come under scrutiny from regulators because of fears that it is pushing some consumers, particularly younger people, into arrears. In the U.K., the government has proposed new rules aimed at adding some friction to the process of applying for a buy now, pay later loan.
☆ Payments firm Klarna posts smaller Q4 loss, eyes return to profit
  + stars: | 2023-02-28 | by ( ) www.cnbc.com   time to read: +1 min
Swedish payments group Klarna aims to return to profit by the summer, the "buy-now, pay-later" company said on Tuesday, as it reported wider losses for 2022 but an improving performance in the fourth quarter. Klarna posted a full-year operating loss of 10.5 billion crowns ($1 billion) against 6.6 billion crowns in 2021. Gross merchandise volume (GMV) - the value of goods purchased through Klarna - was up 22% and revenue growth was 19%. Klarna said the United States became its largest market by revenue in December, and the group aimed to return to profitability by summer. Siemiatkowski said group growth could accelerate further on the back of the high growth rates in those two countries.
☆ Klarna CEO sets out plan to profitability after posting loss
  + stars: | 2023-02-28 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKlarna CEO sets out plan to profitability after posting lossSebastian Siemiatkowski, Klarna CEO, joins 'Closing Bell: Overtime' to discuss the company's new plan for profitability after posting its largest loss ever.
☆ 'Investors changed the rules of the game overnight.' The CEOs of Rapyd, Revolut, Wefox, and Klarna look ahead to fintech in 2023.
  + stars: | 2022-12-30 | by ( Callum Burroughs | ) www.businessinsider.com   time to read: +4 min
After a bruising year for the sector, fintech startups are prioritizing profitability. The CEOs of Revolut, Klarna, Wefox, and Rapyd outlined the new reality for consumer-facing fintech. "Investors changed the rules of the game overnight," Rapyd CEO Arik Shtilman told Insider. "Investors changed the rules of the game overnight," Arik Shtilman, CEO and founder of $15 billion fintech Rapyd told Insider at the Slush conference in Helsinki. Regardless of whether a focus on profitability has been pushed by investors or not, the tide has now turned for the fintech sector in Europe.
☆ Buy-now, pay-later kingpin Klarna's valuation dropped from $45.6 billion to $6.7 billion in 2022. Its CEO wants a 'sane market' before IPO.
  + stars: | 2022-12-05 | by ( Callum Burroughs | ) www.businessinsider.com   time to read: +6 min
Buy-now, pay-later firm Klarna wants 'a sane market' before IPO. The company is losing hundreds of millions of dollars annually, but says it is reducing credit losses. Klarna took a valuation haircut to $6.7 billion and carried out two rounds of job cuts in 2022. At one time, the company was the most highly valued startup in Europe with a valuation of $45.6 billion. That plunged by 85% to just $6.5 billion as the company raised again this year in a tougher market.
☆ Klarna CEO says firm was 'lucky' to cut jobs when it did, targets profitability in 2023
  + stars: | 2022-11-24 | by ( Ryan Browne | ) www.cnbc.com   time to read: +1 min
HELSINKI, Finland — Klarna will become profitable again by next year after making deep cuts to its workforce, CEO Sebastian Siemiatkowski told CNBC. Klarna lost more than $580 million in the first six months of 2022 as the buy now, pay later giant burned through cash to accelerate its expansion in key growth markets like the U.S. and Britain. "We're going to return to profitability" by the summer of next year, Siemiatkowski told CNBC in an interview on the sidelines of the Slush technology conference last week. Buy now, pay later firms, which allow shoppers to defer payments to a later date or pay over installments, have been particularly impacted by souring investor sentiment. In the public markets, PayPal has seen its shares slump more than 70% since reaching an all-time high in July 2021.
☆ The global opportunity to disrupt the banks and credit card industry is as big as ever, says Klarna CEO
  + stars: | 2022-08-31 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe global opportunity to disrupt the banks and credit card industry is as big as ever, says Klarna CEOSebastian Siemiatkowski, Klarna CEO, joins 'TechCheck' to discuss if Klarna will have to temper the company's expansion plans, how the company is faring and more.
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