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Fintech Klarna's second-quarter revenue up 20% year-on-year
Swedish fintech Klarna, which in April paused plans for an initial public offering in the United States, said on Thursday its second-quarter revenue grew 20% from a year ago on a like-for-like basis while adjusted profits increased slightly. Klarna's April-June revenue grew to $823 million in the quarter, while its adjusted operating profit stood at $29 million, an increase of $1 million from the same quarter of last year, its earnings report showed. The number of active Klarna customers rose to 111 million in the quarter, an increase of 31% year-on-year, the company said. Klarna, which helped reshape online shopping with its short-term financing model, in April halted its plans for a U.S. stock market listing amid recession fears and uncertainty over tariffs, sources familiar with the situation said at the time. The company had made its paperwork public in March for a long-awaited stock market debut, after it started the process of going public for a second time in three years in November 2024. Klarna did not say when it might resume an initial public offering. Bloomberg, citing unnamed sources, last month reported that the company's IPO could take place as soon as September.


Bloomberg
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Summertime Sadness Hits the UK's Housing Market
Welcome to the award-winning Money Distilled newsletter. I'm John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money. We got some (dare I say, atypically) good news on the UK economy this morning. GDP growth for the second quarter came in a lot stronger than expected, with the 0.3% growth rate beating the 0.1% anticipated both by the Bank of England and by the consensus of economists surveyed by Bloomberg.


Bloomberg
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Stock Movers: Deere, Cisco, Tapestry
On this episode of Stock Movers: - Deere (DE) fell in the premarket after the agricultural-equipment giant trimmed its net income forecast for the full year. The midpoint of the new range is below analysts' expectations. The builder of the iconic green and yellow machines used to plant and harvest crops estimated 2025 net income between $4.75 billion and $5.25 billion. That's down from a forecast in May for between $4.75 billion and $5.50 billion, and compares to a Bloomberg estimate for $5.08 billion. - Tapestry (TPR) is down with the company's EPS outlook includes a negative impact of 60 cents from higher duties, according to a statement, with Chief Financial Officer Scott Roe saying the "new information" on tariffs will have a "significant" effect. Tapestry is forecasting revenue of nearly $7.2 billion in the current fiscal year, which is slightly above analysts' expectations, with revenue at Coach rising 13% and falling 13% at Kate Spade in the most recent quarter. - Cisco (CSCO) is lower after the maker of networking equipment reported earnings that were largely in line with expectations. The company gave a cautious forecast for the current fiscal year. - Bullish (BLSH) is moving to the upside, jumping from the IPO price after the digital-asset exchange operator raised $1.1 billion in an initial public offering. The company's CEO, Tom Farley, says "credibility matters a lot" in the crypto industry and being a public company listed on the New York Stock Exchange gives additional credibility