Marqeta Stock Tumbles As Revenue Guidance Meets Expectations

1 month ago 11

Marqeta (MQ) connected Wednesday reported June-quarter net and gross that topped estimates. MQ banal tumbled arsenic gross guidance conscionable met expectations.

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The Oakland, Calif.-based fintech institution released Marqeta net aft the marketplace close.

In the 4th that ended June 30, Marqeta narrowed its nonaccomplishment to 8 cents a stock from a 29-cent nonaccomplishment a twelvemonth earlier. Revenue roseate 53% to $186.7 million, said Marqeta.

Meanwhile, analysts had estimated an 11-cent per-share nonaccomplishment connected gross of $180.1 million.

In Q2, full outgo measurement roseate 53% to $40 billion, the institution said.

MQ Stock: Square Biggest Customer

For the existent September quarter, Marqeta forecast gross maturation of 37% astatine the midpoint of guidance. Analysts had predicted income maturation of 37% to $180 million.

MQ banal fell 10.1% to 9.93 successful extended trading connected the stock marketplace today. In Wednesday's regular session, Marqeta banal had climbed 6.5%.

Marqeta's superior customers see Square (SQ), Instacart and DoorDash (DASH). Its outgo level enables customers to contented carnal and virtual recognition and debit cards.

Also, Marqeta's exertion authorizes and settles transactions. Marqeta earns volume-related fees generated with paper usage and processed transactions.

In addition, immoderate analysts are cautious connected MQ stock, citing vulnerability to lower-end consumers if the system weakens.

Heading into the Marqeta net report, MQ banal had retreated 39% successful 2022. Marqeta banal owned a Relative Strength Rating of 52 retired of a best-possible 99, according to IBD Stock Checkup.

Marqeta launched its archetypal nationalist offering successful June 2021, with shares priced astatine 27. The Marqeta IPO raised $1.2 billion.

Follow Reinhardt Krause connected Twitter @reinhardtk_tech   for updates connected 5G wireless, artificial intelligence, cybersecurity and unreality computing.

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