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August 28 2020

Swedish unicorn Klarna reports increase in net losses

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The buy now, pay later market leader released its report for the first half of 2020. Although Klarna experienced growth in some sectors, the net loss is $59.8 million.

The positive numbers the company released covered the net operating income for January through June that increased 37 percent year over year to $526.7 million.

Read also: Klarna thrives under lockdown

Total sales also grew to $24.6 billion, meaning a 44 percent increase compared to the same period last year.

Klarna has been expanding thoroughly, particularly in the U.S. market where it managed to add another 1 million customers in the last three months. Klarna claims that it was the new customers that affected its net credit losses.

“In the context of Covid-19 and the uncertainties it has unfortunately created for so many, a somewhat precautionary approach was necessary at times, including adjusting our credit policies globally,” Klarna co-founder and CEO Sebastian Siemiatkowski said in a letter to shareholders.

“Despite this, we have seen accelerated growth and rapidly increasing demand for our services,” he added.

The company has also registered around 35,000 new retail partners and recorded 14 million new consumers with 12 million monthly active users during the same period.

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