Reaction +12% in pre-market. Klarna’s subsidiary won a court case in Sweden against Google. Google will surely appeal the verdict, but potentially if $2 billion hits the cash reserves, it’s not bad.
Klarna Shares Rise After PriceRunner Unit Wins $1.97 Billion Award in Antitrust Lawsuit Against Google
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Klarna Group (KLAR) shares rose by more than 6% in premarket trading Wednesday the company said a court ruled in favor of its PriceRunner unit, awarding it $1.97 billion in damages in an antitrust lawsuit against Alphabet’s (GOOG, GOOGL) Google.
Klarna, which acquired PriceRunner in 2022, said that the award compensates the company for lost revenue due to Google’s preference of its own comparison-shopping service over independent services.
The award remains subject to appeal by Google and any amounts received will be reduced by sharing arrangements with former PriceRunner shareholders and Klarna’s litigation funder, and by taxes, the company said.
A Google spokesperson told MT Newswires in an emailed response that the company does not agree with the court’s decision and is considering its legal options.