Buy-now-pay-later group Klarna reported second-quarter revenue of SEK 1.04 billion ($1.04bn), beating analyst estimates of $992.8m, while diluted earnings per share came in at SEK 0.01, compared with a forecast loss of $0.05. Gross merchandise volume rose 18% year-over-year to SEK 36.6bn, though management lowered its full-year outlook.
Transaction margin dollars climbed 42% to SEK 446m, exceeding guidance of SEK 375m–395m. Adjusted operating income reached SEK 91m, up from SEK 29m in the year-ago period, while net income turned positive at SEK 9m. Revenue growth was driven by a 17% increase in transaction service revenue and a 21% rise in interest income, while subscription revenue surged more than 600%.
The company’s U.S. business continued to expand, with GMV up 27% to $7.9bn and revenue growing 37% to $376m. Fair financing GMV, covering purchases between SEK 500 and SEK 10,000, jumped 82% to $4.7bn, now representing 13% of total volume. Klarna’s membership program reached 2 million paying subscribers, an eightfold increase year-over-year, while the Klarna Card had 6.5 million active users across 16 markets.
Despite the quarterly beat, Klarna revised its full-year guidance downward. GMV is now expected between SEK 149bn and SEK 151bn, down from a prior view above SEK 155bn. Revenue guidance was lowered to SEK 4.08bn–4.16bn from an earlier target above SEK 4.34bn. Adjusted operating income is forecast at SEK 280m–300m, compared with SEK 65m for all of 2025.
Third-quarter guidance includes GMV of SEK 35bn–36bn, revenue of SEK 940m–980m, and transaction margin dollars of SEK 340m–360m. Adjusted operating income is projected at SEK 5m–15m. The outlook cuts follow a 19.48% drop in Klarna’s shares to $15.71 in premarket trading, extending declines from a 52-week high of $57.20.
