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Shares of Marqeta Inc. gained 6.5% in Wednesday’s session, but they looked poised to give back those gains, based on after-market indications, after the company gave a revenue forecast for the current quarter that was roughly in line with expectations.
The company recorded a net loss of $44.7 million, or 8 cents a share, compared with a loss of $68.6 million, or 29 cents a share, in the year-prior quarter. Analysts tracked by FactSet were expecting a 11-cent loss per share on a GAAP basis.
Marqeta
MQ,
reported a $10.2 million loss on the basis of adjusted earnings before interest, taxes, depreciation and amortization (Ebitda), compared with a $10.6 million loss on the metric a year before. The FactSet consensus was for a $19.1 million loss on the basis of adjusted Ebitda.
Marqeta’s revenue grew to $186.7 million from $122.3 million, while analysts were projecting $180.1 million.
The company generated $40.5 billion in total processing volume, up from $26.5 billion a year before.
“Marqeta’s platform continues to enable customers across many different verticals to build products on the cutting edge of payments, and serve as an accelerator for their growth,” Chief Executive Jason Gardner said in a release. “Our second-quarter results are testament to that breadth and depth, as we again launched new products and bought on major new customers globally.”
For the third quarter, Marqeta executives anticipate 36% to 38% growth in net revenue along with an adjusted Ebitda margin of negative-8% to negative-9%.
Analysts surveyed by FactSet were looking for $180.0 million in revenue, up 36.9% from a year before. They were also looking for a $14.5 million loss on the basis of adjusted Ebitda, which would equate to an expected negative-8% Ebitda margin based on the consensus revenue figure.
The stock was off 7.6% in after-hours trading Wednesday.
Shares of Marqeta have rallied 57% over the past three months, though they’re down 63% over a 12-month span. The S&P 500
SPX,
is up 5.2% over three months but down 5.1% over 12 months.
