Marqeta, Inc. (NASDAQ: MQ), a leading modern card issuing platform, saw its stock price plummet over 40% on Monday, November 5th, 2024, after the company reported disappointing third-quarter earnings and provided weak guidance for the fourth quarter.
For Q3 2024, Marqeta reported an adjusted loss of $0.06 per share, slightly worse than analysts' expectations of a $0.05 loss per share. While the company's revenue grew 18% year-over-year to $128 million, it narrowly missed the consensus estimate of $128.09 million.
The primary reason for the steep stock sell-off, however, was Marqeta's downbeat guidance for the fourth quarter. The company projected net revenue growth of just 10-12% and gross profit growth of 13-15% for Q4, significantly lower than Wall Street's expectations. CEO Simon Khalaf cited "heightened scrutiny of the banking environment and specific customer program changes" as major factors impacting the weaker-than-expected Q4 outlook.
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