Shares of Marqeta Inc. (MQ), a financial technology company providing payment card services, witnessed a roller-coaster ride this week amid concerns over heightened regulatory scrutiny impacting its banking partners and customer programs.
On Tuesday, November 5th, Marqeta's stock price plummeted over 40% as the company slashed its fourth-quarter guidance, citing "heightened scrutiny of the banking environment and specific customer program changes" as key factors behind the reduced outlook. The company now expects Q4 revenue growth of just 10% to 12%, down significantly from its previous forecast of 16% to 18%. Gross profit growth guidance was also cut to 13% to 15%, well below the prior estimate of around 25% to 27%.
However, on November 6th, Marqeta's shares staged a partial recovery, soaring 6.43% in pre-market trading. This rebound came despite at least eight brokerages cutting their price targets on the stock following the disappointing earnings report. Broader market movements, such as the U.S. financial firms' stocks gaining on Wednesday after Donald Trump's presidential election win, may have also contributed to Marqeta's recovery.
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