Wednesday's report by Klarna, the inventor of "buy now, pay later," revealed a sharp increase in losses

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in the first half. From January through the end of June 2022, the Swedish payments company

By: MPK Team

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made sales of 9.1 billion Swedish krona ($950 million). That increased from a year ago by 24%.

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However, the business also incurred huge losses. The pre-tax loss for Klarna increased by around 6.2

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billion krona from the previous year, more than tripling. Klarna had a loss of almost 1.8 billion Swedish

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krona in the first half of 2021. The business, which enables customers to spread out the cost of

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purchases across a number of interest-free payments, experienced an increase in operating costs and

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defaults. Operating expenses before credit losses increased to 10.8 billion Swedish krona from

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6.3 billion krona during the previous year, primarily due to administrative costs associated with

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its quick worldwide expansion in nations like the U.S. In the meantime, credit losses increased by

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more than 50% to 2.9 billion Swedish krona. In the past, Klarna has been profitable for the most of its history.

By: MPK Team

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