四季度营收首破10亿难掩盈利压力 Klarna Group(KLAR.US)股价跌至历史新低

Core Viewpoint - Klarna Group reported its first quarterly revenue exceeding $1 billion, but the market reacted negatively, leading to a significant drop in stock price [1] Financial Performance - For the fourth quarter, Klarna's revenue was $1.08 billion, slightly above Wall Street's expectation of $1.07 billion; the gross merchandise volume (GMV) reached $38.7 billion, also exceeding the forecast of $38.1 billion [1] - The number of active users reached 118 million, slightly better than the expected 117 million, but the average revenue per active user remained stagnant at $30 [1] - Klarna recorded a pre-tax loss of $241 million for the quarter, marking the second consecutive quarter of losses since its IPO [1][2] Market Reaction - Following the earnings report, Klarna's stock price fell nearly 27% to $13.85, the largest single-day drop since its IPO and a new all-time low [1] - Investor disappointment was exacerbated by cautious guidance for the first quarter, with expected revenue between $900 million and $980 million, below the analyst consensus of $965 million [1] Profitability Metrics - Despite exceeding revenue and GMV expectations, adjusted operating profit and transaction margin metrics fell short of market predictions; transaction margin revenue was $372 million, below the expected $395 million [2] - The adjusted operating profit margin was only 4.4%, significantly lower than the anticipated 6.4% [2] Strategic Outlook - Klarna anticipates that its GMV will exceed $155 billion by 2026, lower than the Wall Street consensus of approximately $159 billion; revenue growth is expected to exceed 24%, below market forecasts of 31% and 29% [2] - The company is transitioning from a phase of "scale expansion" to "enhancing user engagement and credit growth," which is impacting key operational metrics [2] Industry Context - The fintech sector, including BNPL companies like Klarna, faces uncertainty due to potential disruptions from artificial intelligence and discussions around credit card interest rate caps [3] - Despite concerns, some analysts believe that tighter credit conditions for low-income consumers could benefit the BNPL sector as it may become a viable alternative [3]