Klarna trims full-year revenue, volume outlook as German retail weakens
KLAR•Quarterly profit and revenue beat expectations
Klarna said its quarterly net profit was $9 million compared with a loss of $53 million in the year-earlier period, ahead of expectations of a loss of $17.4 million. Adjusted operating income was $91 million versus $29 million a year ago, it added.
Klarna's April-June revenue grew 27% to $1.04 billion, beating expectations of $993.8 million.
GMV rose 18% to $36.6 billion in the quarter. GMV in the United States rose 27%.
Guidance cut after weak German retail conditions
STOCKHOLM, Aug. 18 (Reuters) - Klarna, the Swedish "buy now, pay later" services provider and online bank, cut its full-year volume and revenue forecast on Tuesday, citing conditions in Germany, its largest market, sending its shares down 17% in premarket trading.
The guidance overshadowed its surprise second-quarter profit, while analysts had expected a net loss, helped by growth in its U.S. markets.
The company now expects its full-year gross merchandise volume (GMV), a metric for measuring sales, to be between $149 billion and $151 billion, compared with its earlier forecast of greater than .
