Shares of Marqeta Inc. (NASDAQ:MQ) plunged over 37% in after-hours trading on Monday after the modern card issuing platform reported third-quarter earnings that missed analyst expectations and provided disappointing guidance for the fourth quarter.
Marqeta reported an adjusted loss of $0.06 per share in Q3, wider than the consensus estimate of $0.05 loss. Revenue grew 18% year-over-year to $128 million but slightly missed expectations of $128.09 million. The company's guidance for Q4 also fell short, projecting net revenue growth of just 10-12% and gross profit growth of 13-15%.
While Marqeta's Q3 total processing volume grew 30% YoY to $74 billion and gross profit increased 24% to $90 million, CEO Simon Khalaf cited "heightened scrutiny of the banking environment and specific customer program changes" as factors impacting the Q4 outlook. The company expects adjusted EBITDA margin between 5-7% for Q4.
The disappointing results and guidance seem to have fueled investor concerns about slowing growth prospects for Marqeta amid the challenging macroeconomic environment and increased regulatory scrutiny in the banking sector.
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