Klarna Halves Q1 Net Loss and 'On Track to Achieve Profitability This Year'

Swedish fintech mainstay Klarna cut its Q1 net loss to $120.For the first quarter of the year, the Swedish fintech giant posted a net deficit of 1.At the time, the rating agency said its assessment reflected the Swedish fintech’s ability to reclaim profitability and remain competitive in key markets.Klarna Bank AB significantly improved its Q1 bottom line after halving the net loss sustained for the period compared with last year.

Klarna attributed its substantially reduced Q1 net loss to declining customer defaults and its income diversification strategy.In Q1 2022, the company sustained a loss of 2.