1158 ET - Marqeta seems to be paying the price for additional regulatory scrutiny on its bank partners. After disclosing lackluster 4Q guidance late Monday, CEO Simon Khalaf says on a call with analysts that regulatory changes for small banks made last year have led to delays in launching new card programs. He says Marqeta and banks' onboarding and compliance teams have had a much greater workload. Time to launch a new program grew 30% to 40% from last year, Khalaf said, which has resulted in pushed-out revenue and profits. Shares drop 40%, on pace for the stock's largest ever percent decrease. (ben.glickman@wsj.com; @benglickman)
(END) Dow Jones Newswires
November 05, 2024 11:58 ET (16:58 GMT)
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