Klarna announced its financial results for 3Q 2022. The company managed to significantly increase its revenue and GMV (Gross Merchandise Volume), despite the general slowdown in the online retail sector.
- +22% — GMV increased YoY ($60.2 B).
- +22% — Revenue increased YoY ($1.4B).
- -42% — Operating losses decreased QoQ.
- -12% — Credit losses decreased QoQ (0,7% of GMV).
The financial results for the US market are even better: +92% in GMV (YoY) and -16% in credit losses.
According to Klarna’s CEO Sebastian Semiatkowski, «the company has made huge progress on its path to profitability, which it expects to hit on a monthly basis in the second half of 2023».
This is the news from Element GTPP’s portfolio company.