Marqeta Inc (NASDAQ:MQ) shares are trading lower Tuesday on the heels of the company’s third-quarter financial results. Several analysts also downgraded and lowered price targets on the stock following the report.
Q3 Earnings: Marqeta reported third-quarter revenue of $127.97 million, missing analyst estimates of $128.08 million. The company reported a quarterly loss of 6 cents per share, in line with analyst estimates, per Benzinga Pro.
Total revenue was up 18% year-over-year. Marqeta reported total processing volume of $74 billion, up 30% year-over-year.
“In the third quarter our true growth trajectory was back on display as we lapped the Block contract renewal, while continuing to demonstrate operational discipline to fuel strong Adjusted EBITDA,” said Simon Khalaf, CEO at Marqeta.
“We combined this with several new product announcements that further enhance the Marqeta platform to provide transformative payment solutions at scale for our expanding customer base.”
Marqeta’s outlook appears to be the main thing weighing on shares on Tuesday. Marqeta expects fourth-quarter revenue growth of 10% to 12%. The company anticipates fourth-quarter profit growth of 13% to 15% and fourth-quarter EBITDA margin of 5% to 7%.
“Our fourth quarter guidance reflects several changes that became apparent over the last few months with regards to the heightened scrutiny of the banking environment and specific customer program changes,” the company said.
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Analyst Changes:
MQ Price Action: Marqeta shares were down 40.4% at $3.55 at the time of publication, according to Benzinga Pro.
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