Marqeta shares dive as first-quarter forecast comes up shy of expectations
Shares of payments-tech provider Marqeta Inc. (MQ) fell sharply after hours on Tuesday after the company forecast first-quarter sales growth that came in slightly below estimates. The company, whose technology helps facilitate online card payments across customers, apps and merchants, said it expected first-quarter sales growth of 26% to 28%. That compares with FactSet expectations for around 29%. Shares tumbled 18.5% after hours on Tuesday. The company has counted DoorDash Inc. (DASH) and Block Inc. (SQ) as customers. Fourth-quarter results were better than expected. The company reported a fourth-quarter net loss of of $26.3 million, or five cents a share, compared with a net loss of $36.8 million, or seven cents a share, in the same quarter in 2021. Revenue jumped 31% to $203.8 million, compared with $155.4 million in the prior-year quarter. Analysts polled by FactSet expected a loss of 10 cents a share, on revenue of $201.9 million.
(END) Dow Jones Newswires
February 28, 2023 17:01 ET (22:01 GMT)
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