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Sebastian Siemiatkowski, CEO of Klarna, speaking at a fintech event in London on Monday, April 4, 2022.

Chris Ratcliffe | Bloomberg via Getty Images

Klarna, the Swedish buy now, pay later fintech company, halved its net loss in the first quarter, recording a significant improvement in its bottom line after a major cost-cutting drive.

The company posted a net loss of 1.3 billion Swedish krona ($120.7 million), down 50% from the 2.6 billion krona loss in the same period a year ago.

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Klarna reported total net operating income of 5 billion Swedish krona, up 22% year-over-year.

“This quarter we’ve impressively managed to grow GMV and revenue, at the same time as we cut costs and credit losses, and also investing ambitiously in AI driven products,” Klarna CEO Sebastian Siemiatkowski said in a statement.

“We are on track to achieve profitability this year all while revolutionizing shopping and payments through our AI-powered approach.”

Siemiatkowski previously told CNBC the company was planning to achieve profitability in the second half of 2023.

Klarna attributed the latest reduction in losses to a fall in customer defaults thanks to an improvement in its underwriting, as well as to diversification into other sources of revenue, such as marketing.

The results show how Klarna is making “significant strides” toward profitability on a monthly basis, the firm said.

Klarna, which now has more than 150 million customers, was in April given a credit rating of BBB/A-3 with a stable outlook by S&P Global. The ratings agency at the time said this reflected Klarna’s “ability to defend its robust e-commerce position in its key markets, rebuild profitability,” and “maintain a strong capital buffer.”

Early indications signal that Klarna’s deep cost-cutting measures are starting to pay off. The company went on a hiring spree during 2020 and 2021 to capitalize on growth triggered by the Covid-19 pandemic, and was forced to reduce headcount by roughly 10% in May 2022 in response to investor pressure to slim down operations. Despite this measure, it still later lost 85% of its market value in a funding round last summer.

Klarna is not alone in its troubles. Buy now, pay later firms, which allow shoppers to defer payments to a later date or pay over installments, have been particularly impacted by souring investor sentiment on technology, amid a worsening macroeconomic environment.

AI push

More recently, Klarna has turned its focus toward AI. The company revamped its app with a more advanced AI recommendation algorithm to help its merchants target customers more effectively.

Klarna previously launched the ability to integrate OpenAI’s ChatGPT into its service with a plugin that lets users ask the popular AI chatbot for shopping inspiration. The company said it was embedding AI in its business to “improve internal efficiencies and provide customers with an even better service and experience,” for example through real-time translations in customer chat.

The company has now also made a foray into facilitating short-term holiday rentals. Earlier this month, Klarna announced a partnership with Airbnb to let the online vacation rental firm’s customers book holidays and pay down the cost over installments.

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Meta removes Facebook page allegedly used to target ICE agents after pressure from DOJ

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Meta removes Facebook page allegedly used to target ICE agents after pressure from DOJ

U.S. Attorney General Pam Bondi speaks during a roundtable on “Antifa,” an anti-fascist movement he designated a domestic “terrorist organization” via executive order on September 22, at the White House in Washington, D.C., Oct. 8, 2025.

Evelyn Hockstein | Reuters

Meta removed a Facebook group page on Tuesday that was allegedly used to “dox and target” U.S. Immigration and Customs Enforcement agents in Chicago after being contacted by the Department of Justice.

Attorney General Pam Bondi revealed the Facebook takedown in an X post, and said that the DOJ “will continue engaging tech companies to eliminate platforms where radicals can incite imminent violence against federal law enforcement.”

A Meta spokesperson confirmed that the tech giant removed the Facebook group page, but declined to comment about its size and the specific details that warranted its removal.

“This Group was removed for violating our policies against coordinated harm,” the Meta spokesperson said in a statement that also referred to the company’s policies pertaining to “Coordinating Harm and Promoting Crime.”

Meta’s removal of the Facebook group page follows similar moves from rivals like Apple and Google, which have recently removed apps that could be used to anonymously report sightings of ICE agents and other law enforcement.

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Apple took down the ICEBlock app nearly two weeks ago following pressure from Bondi, who said at the time that the app was “designed to put ICE agents at risk just for doing their jobs.”

Apple said at the time in a statement that it removed the ICEBlock app based on information provided by law enforcement about alleged “safety risks.”

Google, which did not maintain the ICEBlock app on its app store, said in October that while the DOJ never contacted the search giant, the company removed “similar apps for violations of our policies.”

ICEBlock creator Joshua Aaron criticized both Apple and the White House in an interview with CNBC, and compared his app to others like Waze, which let drivers report when they see law enforcement officers in order to avoid getting ticketed for speeding.

“This is about our fundamental constitutional rights in this country being stripped away by this administration, and the powers that be who are capitulating to their requests,” Aaron said.

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Roth Capital Partners' Rohit Kularni: Here's what OpenAI's Sora means for social media platforms

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OpenAI forms expert council to bolster safety measures after FTC inquiry

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OpenAI forms expert council to bolster safety measures after FTC inquiry

OpenAI’s EMEA startups head Laura Modiano spoke at the Sifted Summit on Wednesday, 8 October.

Nurphoto | Nurphoto | Getty Images

OpenAI on Tuesday announced a council of eight experts who will advise the company and provide insight into how artificial intelligence could affect users’ mental health, emotions and motivation. 

The group, which is called the Expert Council on Well-Being and AI, will initially guide OpenAI’s work on its chatbot ChatGPT and its short-form video app Sora, the company said. Through check-ins and recurring meetings, OpenAI said the council will help it define what healthy AI interactions look like.

OpenAI has been expanding its safety controls in recent months as the company has faced mounting scrutiny over how it protects users, particularly minors.

In September, the Federal Trade Commission launched an inquiry into several tech companies, including OpenAI, over how chatbots like ChatGPT could negatively affect children and teenagers. OpenAI is also embroiled in a wrongful death lawsuit from a family who blames ChatGPT for their teenage son’s death by suicide.

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The company is building an age prediction system that will automatically apply teen-appropriate settings for users under 18, and it launched a series of parental controls late last month. Parents can now get notified if their child is showing signs of acute distress, for instance.

OpenAI said it began informally consulting with members of its new expert council as it was building its parental controls. The company brought on additional experts in psychiatry. psychology and human-computer interaction as it formalized the council, which officially launched with an in-person session last week.

In addition to its expert council, OpenAI said it is also working with researchers and mental health clinicians within the Global Physician Network who will help test ChatGPT and establish company policies. 

Here are the members of OpenAI’s Expert Council on Well-Being and AI:

  • Andrew Przybylski, a professor of human behavior and technology at the University of Oxford. 
  • David Bickham, a research scientist in the Digital Wellness Lab at Boston Children’s Hospital. 
  • David Mohr, the director of Northwestern University’s Center for Behavioral Intervention Technologies.
  • Mathilde Cerioli, the chief scientist at Everyone.AI, a nonprofit that explores the risks and benefits of AI for children.
  • Munmun De Choudhury, a professor at Georgia Tech’s School of Interactive Computing. 
  • Dr. Robert Ross, a pediatrician by training and the former CEO of The California Endowment, a nonprofit that aims to expand access to affordable health care. 
  • Dr. Sara Johansen, a clinical assistant professor at Stanford University who founded its Digital Mental Health Clinic.
  • Tracy Dennis-Tiwary, a professor of psychology at Hunter College.

If you are having suicidal thoughts or are in distress, contact the Suicide & Crisis Lifeline at 988 for support and assistance from a trained counselor

WATCH: FTC launches inquiry into AI chatbots acting as companions

FTC launches inquiry into AI chatbots acting as companions

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Oracle Cloud to deploy 50,000 AMD AI chips, signaling new Nvidia competition

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Oracle Cloud to deploy 50,000 AMD AI chips, signaling new Nvidia competition

We're still early in the AI cycle, says Bernstein's Stacy Rasgon

Oracle Cloud Infrastructure on Tuesday announced it will deploy 50,000 Advanced Micro Devices graphics processors starting in the second half of 2026.

AMD shares climbed about 2%. Oracle shares sank 4% while Nvidia was more than 3% lower.

The move is the latest sign that cloud companies are increasingly offering AMD’s graphics processing units as an alternative to Nvidia’s market-leading GPUs for artificial intelligence.

“We feel like customers are going to take up AMD very, very well — especially in the inferencing space,” said Karan Batta, senior vice president of Oracle Cloud Infrastructure.

Oracle will use AMD’s Instinct MI450 chips, which were announced earlier this year.

They are AMD’s first AI chips that can be assembled into a larger rack-sized system that enables 72 of the chips to work as one, which is needed to create and deploy the most advanced AI algorithms.

OpenAI CEO Sam Altman appeared with AMD CEO Lisa Su at a company event in June to announce the product.

Read more CNBC tech news

Earlier this month, OpenAI announced a deal with AMD for processors requiring 6 gigawatts of power over multiple years, with a 1-gigawatt rollout starting in 2026. As part of the deal, and if the deployment goes well, OpenAI may end up owning as many as 160 million shares of AMD, or about 10% of the company.

In September, OpenAI entered into a five-year cloud deal with Oracle that could be worth as much as $300 billion.

OpenAI has historically been closely linked with Nvidia, whose chips were used to develop ChatGPT. Nvidia’s chips dominate the market for data center GPUs with more than 90% market share. Nvidia also invested in OpenAI in September.

But OpenAI leaders say the company needs as much computing power as possible, which means it needs AI chips from multiple suppliers. OpenAI also has plans to design its own AI chips with Broadcom.

“I think AMD has done a really fantastic job, just like Nvidia, and I think both of them have their place,” Batta said.

Tuesday at Oracle AI World, founder and Chairman Larry Ellison is set to take the stage and share his views on the latest OpenAI deal and what his company is doing to stay ahead of its main cloud competitors – Microsoft, Amazon and Google

“Oracle has already shown it is willing to place big bets and go all in to meet the AI moment. The company must now prove that beyond capacity, it can capitalize on its massive underlying data and enterprise capabilities … to add meaningful value to the enterprise AI wave,” said Daniel Newman, CEO of The Futurum Group, on the sidelines of Oracle’s conference.

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