Marqeta Stock Sinks On Q3 Earnings, Analyst Downgrades
Marqeta Inc (NASDAQ:MQ) shares are trading lower Tuesday on the heels of the company’s third-quarter financial results. Several analysts also downgraded and lowered price targets on the stock following the report.
Q3 Earnings: Marqeta reported third-quarter revenue of $127.97 million, missing analyst estimates of $128.08 million. The company reported a quarterly loss of 6 cents per share, in line with analyst estimates, per Benzinga Pro.
Total revenue was up 18% year-over-year. Marqeta reported total processing volume of $74 billion, up 30% year-over-year.
“In the third quarter our true growth trajectory was back on display as we lapped the Block contract renewal, while continuing to demonstrate operational discipline to fuel strong Adjusted EBITDA,” said Simon Khalaf, …
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