Marqeta shares dive as first-quarter forecast comes up shy of expectations

Sovereign Metals Ltd

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Based in Australia

Company profile

Sovereign Metals Limited is an Australia-based company focused on the development of its Kasiya rutile project (Kasiya) in Malawi. Kasiya, located in central Malawi, is the natural rutile deposit and the flake graphite deposits in the world. The Company focuses on its flagship Kasiya Project while retaining exposure to graphite through the Kasiya co-product. It focuses on developing a sustainable operation to supply natural rutile and graphite to global markets. Kasiya’s Mineral Resource Estimate (MRE) is 1.8Bt at 1.01% rutile resulting in over18 Mt tons of contained natural rutile. The MRE has broad zones of very high-grade rutile, which occur contiguously across a very large area of over 180 square kilometers. Kasiya’s graphite by-product Mineral Resource Estimate (MRE) is 1.8 Bt at 1.32% graphite, containing over 23 Mt of graphite. Malawi & Infrastructure is a rutile province located in Malawi.

Marqeta shares dive as first-quarter forecast comes up shy of expectations

5:01 pm ET February 28, 2023 (MarketWatch) Print

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.

-Bill Peters

(END) Dow Jones Newswires

February 28, 2023 17:01 ET (22:01 GMT)