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Klarna Q2 Revenue Rises 20% Amid IPO Pause

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Swedish fintech Klarna reported on Thursday that its second-quarter revenue grew 20% year-on-year on a like-for-like basis, while adjusted operating profit increased slightly. Revenue for April–June reached $823 million, with adjusted operating profit at $29 million, up $1 million from the same period last year.

The number of active Klarna customers rose 31% year-on-year to 111 million. The company, known for its short-term financing model that reshaped online shopping, paused its planned U.S. initial public offering (IPO) in April due to recession concerns and uncertainty over tariffs.

Klarna had publicly filed its IPO paperwork in March, marking its second attempt to go public in three years since starting the process in November 2024. The company has not indicated when it will resume its IPO plans, though Bloomberg reported last month that it could occur as soon as September.

US Online Spending Jumps $24.1 Billion During “Black Friday in Summer,” Adobe Reports

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U.S. online retail spending surged by $24.1 billion from July 8 to 11, a period dubbed “Black Friday in Summer,” exceeding Adobe Analytics’ forecast as shoppers eagerly took advantage of steep discounts on back-to-school items. Retailers saw a 30.3% increase in online sales during events including Amazon Prime Day, surpassing Adobe’s earlier projection of 28.4%.

Online retail sales a year ago during this period were $14.2 billion, marking an 11% rise this time. Prime Day has solidified its role as a key back-to-school shopping moment, with consumers grabbing early deals to prepare for the upcoming school season, Adobe noted.

Major retailers such as Amazon, Walmart, Target, and Best Buy launched extensive deal events offering significant discounts, encouraging shoppers to purchase higher-priced items they might normally avoid. Amazon extended its sales window to 96 hours, doubling the usual 48-hour timeframe, and ran aggressive promotions across categories like apparel and electronics.

This surge in deals comes amid ongoing trade tensions and tariff uncertainties under the Trump administration, as well as a looming August 1 deadline for renegotiations of trade agreements with the U.S.

Mobile shopping dominated the Prime Day event, accounting for 53.2% of online sales—above Adobe’s forecast of 52.5%. Discounts ranged from 11% to 24%, slightly wider than the previously forecast 10% to 24%. Apparel saw the largest discounts at 24%, up from 20% last year, while electronics held steady at a 23% discount, similar to the prior year.

Amazon Commits to Tougher Measures Against Fake Reviews After UK Investigation

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Amazon has agreed to implement stronger actions to combat fake reviews on its platform, following a four-year investigation by the UK’s Competition and Markets Authority (CMA). The deal includes new enforcement powers that allow Amazon to sanction British businesses found using deceptive tactics to boost product ratings, as well as measures to detect and remove fraudulent content more efficiently.

The CMA said on Friday that Amazon’s commitments also address concerns about “catalogue abuse” — a practice where sellers attach their products to highly rated but unrelated items in order to mislead shoppers and inflate rankings. In severe cases, businesses violating these rules could face bans from Amazon’s platform altogether. Individual users who post fake reviews may also be prohibited from submitting further reviews.

According to the CMA, approximately 90% of consumers rely on online reviews when making purchasing decisions, making the integrity of reviews crucial for fair competition and consumer trust. Amazon’s new obligations will include robust systems to identify and eliminate manipulated reviews and enforce stricter penalties for offenders.

The regulator began its investigation into Amazon and Google in 2021 over potential breaches of consumer protection law. In January, Google also made similar commitments to improve the reliability of online reviews. CMA chief executive Sarah Cardell praised Amazon’s actions, stating, “These new commitments matter and help set the standard.”

The CMA has recently been granted new enforcement powers allowing it to independently determine if consumer law has been broken. It can now issue fines and compel businesses to improve their practices without needing to go through lengthy court proceedings.

In parallel, the CMA is conducting a broad assessment of online review platforms as part of its ongoing work to ensure compliance with its newly updated reviews guidance issued in April.