It's not the one bad quarter in isolation, it's the fact that there now seem to be a bunch of structural trends which will cause problems for ecommerce: - high

It's not the one bad quarter in isolation, it's the fact that there now seem to be a bunch of structural trends which will cause problems for ecommerce: - high inflation (relative to wage growth) cuts into the average disposable income, which decreases the amount of money people have to spend on luxury goods - supply chain problems (which are driving inflation) make it harder for sellers to sell goods Further, there's the expectation that we're heading out of the low-interest rate times which makes it harder for Klarna to raise future capital, and increases the value of the capital they do have now relative to that which they could amass in the future through employing more workers.