"Growth in U.S. markets helped Swedish fintech firm Klarna to achieve a 26% jump in third-quarter revenue, beating expectations in its first report as a public company and forecasting revenue above $1 billion in the current quarter, the company said on Tuesday. The buy now, pay later lender, which went public in September in New York, reported revenue of $903 million, beating analysts' expectations of $882 million, according to data compiled by LSEG."
""To a large degree, AI is accelerating our ability to ship new features and products," CEO Sebastian Siemiatkowski told Reuters. Klarna had been an early adopter of AI and used the technology to help customers and merchants cut jobs, create marketing campaigns, and improve products. However, Siemiatkowski expressed some nervousness about the huge spending on building data centres. While there will be an uptick in demand for AI in both the consumer space and enterprises,"
Klarna reported third-quarter revenue of $903 million, a 26% increase that beat expectations, and forecasted current-quarter revenue above $1 billion. Gross merchandise volume rose 23% to $32.7 billion, with U.S. GMV up 43% and U.S. revenue up 51%. Active customers increased 32% to 114 million year-on-year. The company recorded a net loss of $95 million versus a $12 million profit a year earlier, partly due to adopting U.S. accounting standards after its New York listing. Management noted AI accelerates feature and product delivery while expressing concern about large data-center spending.
Read at Fast Company
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