Klarna dives into banking, Lenovo sees 20% Q1 revenue jump: Asking for a Trend
On today's episode of Asking for a Trend, host Julie Hyman breaks down the biggest themes and stories that dominated the trading day.
Klarna is branching out the AI-powered global payments network to add new retail banking services. Klarna CEO Sebastian Siemiatkowski explains, "Back in the days when you used to use a card from a bank, you would press one for debit and two for credit. And then banks stopped doing that because people weren't building as big balances and weren't revolving as much, and that meant lower revenue and profit for banks. But it's a healthier credit product." He highlights the ability for consumers to choose debit or credit and clone a balance on a transactional basis.
Lenovo (0992.HK) reported a 20% revenue jump in its first quarter revenue, and Lenovo North America President Ryan McCurdy joins the show to dive into the company's latest earnings report. "It's really across the board, a great start to our fiscal year. And it comes on the heels of a really strong second half of last year," McCurdy explains. He points to 47% of the company's revenue coming from non-PC revenue as it grows its position in services and mobility infrastructure.
After July's retail sales data pointed to a resilient consumer, Yahoo Finance markets reporter Josh Schafer dives deeper into the state of the consumer. He breaks down a new Goldman Sachs chart showing that higher-income consumers are feeling better about the economy than those with lower incomes.
This post was written by Melanie Riehl