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Klarna Group PLC (NASDAQ:KLAR) reported third-quarter earnings before the market open on Tuesday. Here’s a rundown of the report.
What To Know: The financial services company delivered “record-breaking” numbers, driving 4 million card sign-ups over the past four months.
Klarna reported quarterly losses of 25 cents per share, which beat the market estimate for a loss of 33 cents per share. The company also reported quarterly revenue of $903 million, which beat the market estimate of $881.898 million.
Looking ahead, Klarna set fourth-quarter revenue guidance of $1.065 billion to $1.08 billion, which is higher than the $1.058 billion estimate. Despite the better-than-expected results, shares were down almost 10% at last check, according to Benzinga Pro.
“Q3 was our strongest quarter ever — proof that our AI-driven model is working at scale, with U.S. revenue up 51% and GMV up 43%,” said CEO Sebastian Siemiatkowski. “While accounting timing creates a short-term profitability lag, we expect transaction margin dollars to increase by over $100 million in Q4 as revenue compounds.”
The company also announced Tuesday that its flexible payment products are now available when checking out on Apple Pay in Denmark, Spain and Sweden. The feature is already available in the U.K., U.S. and Canada.
KLAR Price Action: Klarna shares were down 9.42%, trading at $31.70 at the time of publication, according to Benzinga Pro.
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Posted In: KLAR
