Sweden’s Klarna, a pioneering buy-now-pay-later fintech startup, has reported a profitable start to 2024 after a challenging year marked by layoffs and a significant drop in valuation. The company, which burned through $100 million a month to establish itself in the U.S. market, has managed to swing into a quarterly profit by slashing costs. Revenue increased 29% year-on-year to €55 million, with particularly strong performance in the U.S. Klarna’s gross merchandise volume (GMV) rose by 17%, and its gross profit increased by 22%. The company also reported an adjusted EBIT margin of 3.6%, a significant improvement from the previous -10%. As Klarna prepares for a potential $20 billion float, it has removed the investor veto on share trades. Klarna is also exploring the use of ChatGPT to further enhance profitability.
Klarna Q1 2024 📦 GMV +17% Revenue +29% Gross profit +22% *marg. 47% (49) Adj. EBIT +146% *marg. 3.6% (-10) Take rate 2.57% (2.35) Consumer credit loss 0.48% (0.36) https://t.co/iF3GREUxyC
Buy-now-pay-later firm Klarna swings into quarterly profit after slashing costs https://t.co/a1jHNTWss7
Klarna reports profitable start to the year as listing rumours mount. Revenue increased 29% year-on-year to €55m — and things are looking particularly rosy in the US. https://t.co/ujB7S02lQD
Buy-now-pay-later firm Klarna swings into quarterly profit after slashing costs https://t.co/yPZRiAWAtN
Buy-now-pay-later firm Klarna swings into quarterly profit after slashing costs https://t.co/Bp8wO8SHdm
Some more data from @Klarna . Great that they are publicising their results https://t.co/kdo7nhTLRE
Klarna ditches investor veto on share trades as $20bn float looms Read more here ⬇️ https://t.co/ev1ecbk5eQ
Klarna, a pioneering fintech startup, seeks a rebound after a year marked by layoffs and a plummeting valuation. https://t.co/kM86q2a39g
Sweden’s Klarna burned through $100 million a month to become a buy-now-pay-later giant in the U.S. Can ChatGPT help it turn a profit again? https://t.co/UeB7feqorf