Marqeta, Inc. ( (MQ) ) has released its Q3 earnings. Here is a breakdown of the information Marqeta, Inc. presented to its investors.
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Marqeta, Inc., a global leader in modern card issuing, offers a platform that enables companies to build and embed financial services into their products, operating within the fintech sector. The company recently reported its financial results for the third quarter of 2024, showcasing significant growth in both Total Processing Volume (TPV) and Gross Profit.
Highlighting its financial performance, Marqeta’s TPV reached $74 billion, marking a 30% increase year-over-year. The company also reported a Net Revenue of $128 million and a Gross Profit of $90 million, representing year-over-year increases of 18% and 24%, respectively. Despite these gains, Marqeta reported a GAAP Net Loss of $29 million, although this was an improvement from the previous year.
Strategically, Marqeta made several significant announcements this quarter, including the introduction of a Portfolio Migration service and the unveiling of Marqeta Flex, which aims to enhance BNPL solutions. These innovations are expected to drive further adoption of Marqeta’s platform and improve customer experiences.
Looking ahead, Marqeta’s management expressed confidence in continuing growth, projecting Net Revenue growth between 10% and 12% and Gross Profit growth between 13% and 15% for the fourth quarter of 2024, indicating a positive trajectory for the company’s financial performance.
