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Earnings Results: Marqeta stock soars after earnings as outlook tops expectations

Shares of Marqeta Inc. were surging in aftermarket trading Wednesday after the card-issuing company exceeded revenue expectations with its latest quarterly results and delivered an upbeat outlook.

The company generated a fourth-quarter net loss of $36.8 million, or 7 cents a share, compared with a loss of $13.8 million, or 11 cents a share, in the year-prior quarter. The FactSet consensus was for a 7-cent loss per share.

Marqeta
MQ,
+10.07%

posted adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of $1.2 million, whereas it lost $2.6 million on the metric a year prior. The FactSet consensus was for a $9.5 million loss on the basis of adjusted Ebitda, which is a non-GAAP metric.

Marqeta’s revenue rose to $155.4 million from $86.2 million, while analysts were forecasting $137.8 million.

The company disclosed in early February that it expected to exceed the forecasts for revenue and adjusted Ebitda that it had offered back in November. That outlook had called for $134 million to $139 million in revenue and an adjusted Ebitda loss of $7 million to $10 million.

The company generated total processing volume of $33.0 billion, up from $18.7 billion a year earlier.

Shares of Marqeta were up more than 20% in after-hours trading Wednesday, after they rose 10.1% to close out the regular session. Earlier Wednesday, Marqeta announced a new partnership with Citi Commercial Cards.

For the first quarter, Marqeta anticipates revenue growth of 48% to 50% and an adjusted Ebitda margin of -8% to -9%. The FactSet consensus called for $137.1 million in March-quarter revenue, or about 27% above the year-prior total.

The stock is off about 40% over the past three months as the S&P 500
SPX,
+2.57%

has declined about 8%.

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