Profit plummets for Hemnet - new payment model

Net sales fell 25 percent to SEK 247.2 million.

"The quarter's financial results were affected by the transition resulting from the launch of 'Sell first, pay later'. The model entails an accounting effect where revenue from ads using this option is booked at the time of sale rather than at publication," writes CEO Jonas Gustafsson in a comment.

"This therefore means a timing shift of revenues to future quarters, rather than a reduction in revenues," he adds.