Klarna Shares Rise as $1 Million Profit Beats Estimates

Klarna Group Plc reported a small profit in the first quarter that beat analyst estimates as the company looks to diversify its funding sources and grow into everyday consumer spending.

The Stockholm-headquartered payments firm reported $1 million of net income in the first three months of the year, up from a net loss of $99 million the prior year, according to a statement Thursday. Analysts compiled by Bloomberg on average had estimated a net loss of $67.2 million.