Klarna reports H1 revenue rose 24% YoY to ~$950M as its net loss more than trebled YoY to ~$581M, driven by admin expenses; cash reserves halved to ~$876M
Klarna Bank AB said spending on its platform increased in the first half of the year, along with losses, as it invested in expanding in the US.
“We've had a few years now where growth has been really heavily prioritized by investors. Now, understandably, they want to see profitability,” @klarnaseb said in a statement
Klarna's sharp increase in losses were driven by administrative expenses — the cost of running the business, including paying salaries — which rose to 10.2 billion kronor. Reporting w/ @abhinavvr https://www.bloomberg.com/...