Marqeta Up On Earnings

Marqeta ($MQ@US) shares, trading on the Nasdaq as MQ, are higher after the company reported better-than-expected third-quarter earnings per share and sales results and issued fourth-quarter net sales guidance above estimates. Marqeta operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services. The company reported quarterly losses of 8 cents per share, which beat the analyst consensus estimate of a loss of 13 cents per share by 38.5%. Marqeta reported quarterly sales of $131.51 million, beating analysts' estimates of $119.56 million by 10%. This is a 56% increase over sales of $84.31 million in the same period last year. “Modern card issuing is at the heart of today’s digital economy, and our third quarter results put that on display, both with the growth we’re seeing, and the way our platform is bringing to life unique new payments use cases for an incredible array of innovators,” said Jason Gardner, Founder, and CEO of Marqeta. Headquartered in Oakland, California, and founded in 2010, Marqeta provides its clients with a card-issuing platform that offers the infrastructure and tools necessary to provide digital, physical, and tokenized payment options without the need for a traditional bank. The flexibility of its open APIs and real-time webhooks, as well as its physical and virtual card formats, allows clients to engage customers and pay vendors and workers with innovative payment solutions including crypto solutions. Marqeta has a 52-week high of $37.90 and a 52-week low of $19.78.