Marqeta, Inc. (NASDAQ: MQ), a global modern card issuing platform, surged over 13% in after-hours trading on Wednesday following the release of its fourth quarter and full-year 2024 financial results.

The key highlights from the company's earnings report include:

• Q4 Total Processing Volume (TPV) grew 29% year-over-year to $80 billion, driving a 14% increase in net revenue to $136 million.
• Full-year 2024 TPV was $291 billion, up 31% from the prior year, while net revenue decreased 25% to $507 million, primarily due to a change in revenue presentation after the Cash App renewal in July 2023.
• Q4 gross profit rose 18% to $98 million, with a gross margin of 72%. Full-year gross profit increased 7% to $352 million.
• Marqeta announced plans to acquire TransactPay, a BIN Sponsorship provider licensed as an E-Money Institution in the UK and European Economic Area, to strengthen its program management capabilities in Europe.
• The company authorized a new $300 million share repurchase program.

In addition to the strong financial performance, Marqeta's strategic acquisition of TransactPay is expected to bolster its card program management capabilities in the UK and Europe, allowing the company to better serve its fintech and embedded finance customers in the region.

Looking ahead, Marqeta provided guidance for the first quarter of 2025, forecasting net revenue growth of 14-16%, gross profit growth of 11-13%, and an adjusted EBITDA margin of 10-11%.