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ALMATY, Kazakhstan - On Monday, Kaspi.kz (NASDAQ:KSPI), a leading Kazakh fintech company operating Super Apps in Kazakhstan and owning a majority stake in Turkish e-commerce platform Hepsiburada, reported strong second quarter results that beat analyst expectations.
The company’s shares surged 7.67% in pre-market trading after the quarterly release.
The company posted Q2 2025 revenue of $967.5 billion, exceeding consensus estimates of $1.5 billion. Revenue excluding Turkey rose 20% YoY to KZT734 billion ($1.41 billion), while net income increased 14% YoY to KZT276 billion ($531 million). For the first half of 2025, revenue excluding Turkey grew 20% YoY to KZT1.4 trillion ($2.69 billion).
The company’s performance was driven by robust transaction growth across its three main platforms. Payments Platform revenue increased 16% YoY with net income rising 19% YoY in Q2, demonstrating strong operational leverage. Marketplace Platform revenue grew 25% YoY, significantly outpacing GMV growth of 15%, boosted by Kaspi Delivery, Advertising, and Classifieds. Fintech Platform revenue rose 21% YoY, though net income growth was limited to 8% due to higher deposit costs.
"Our financial results in the second quarter of 2025 were as we expected them to be. Consumer and merchant engagement in Kazakhstan remains strong, with 75 transactions per active consumer," said Mikheil Lomtadze, Kaspi.kz CEO and co-founder.
The company highlighted the success of its e-Grocery service, which saw 57% YoY GMV growth in Q2 2025, now operating in Kazakhstan’s five largest cities. Kaspi.kz also expanded its product portfolio with new fixed-term deposit products and integrated Kaspi Pay QR with multiple local banks and AliPay+.
Kaspi.kz reaffirmed its full-year 2025 guidance of approximately 15% consolidated net income growth YoY. The company also indicated that for 2026, it expects to balance returning capital to shareholders with continued investment in long-term growth.
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