To understand Klarna\u2019s results, we need to start one step up from revenue. What leads to revenue at Klarna? Gross merchandise value (GMV), or the total worth of stuff that consumers bought using Klarna services.<\/p>\n

In the first quarter of 2023, Klarna\u2019s GMV rose 13% to 210.7 billion Swedish Krona ($19.65 billion) from a year earlier. This number isn\u2019t too <\/em>impressive on its own, but it is significant considering that overall e-commerce growth has been lackluster in the last year. In its investor note, Klarna says the global e-commerce market actually shrunk by 2% between Q1 2022 and Q1 2023.<\/p>\n

Put another way, Klarna managed to nab market share in a contracting market, keeping its own growth story afloat despite stiff headwinds.<\/p>\n<\/p><\/div>\n

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