Klarna shares plunge after guidance cut overshadows surprise profit
-22.81% to $15.06 from $19.51
What moved KLAR
- Klarna shares fell about 18.65%, or $3.64, to $15.87 after the company cut its full-year outlook despite returning to a second-quarter profit.
- The company now expects full-year gross merchandise volume of $149 billion to $151 billion, down from a prior forecast of more than $155 billion, and trimmed its revenue outlook to $4.08 billion-$4.16 billion from $4.34 billion.
- Klarna attributed the softer outlook to slowing retail sales and weak consumer sentiment in Germany, its largest market by volume.
- The company also announced that its CFO and CMO will step down early next year.
- The quarterly profit beat analyst expectations, who had forecast a net loss, helped by growth in Klarna’s US business.
Sources: RTTNews · Yahoo Finance