Buy now, pay later firm Klarna reduces losses by 67%, revenue up 21%

Swedish buy now, pay later firm Klarna reduced its losses by roughly 67% in the first half of 2023, as the company dramatically cut costs in a bid toward profitability.

The company reported overall net operating income of 9.2 billion Swedish krona ($843.5 million), up 21% year over year. Failing to record a half-year profit, the firm posted a net loss of 2.1 billion krona for the period, down 67% from 6.4 billion krona between January and June 2022.

Klarna did, however, say that it recorded one month of profitability in the first half of the year, ahead of its internal target to post profit on a monthly basis in the second half.

Klarna founder and CEO Sebastian Siemiatkowski hailed the…