Marqeta (NASDAQ:MQ) shares are up nearly 18% at the time of writing after the card issuing platform posted double-digit top-line growth for the second quarter.
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Revenue rose 23.7% year-over-year to $231 million, outperforming estimates by $11.1 million. Net loss per share at $0.11 though came in wider than estimates by $0.01. During the quarter, total processing volume surged 33% year-over-year to $54 billion.
Additionally, the company has bagged a four-year contract extension to power the Cash card until June 2027. Marqeta has also expanded its footprint into Brazil, teaming up with Fitbank. The latter will act both as a customer and BIN sponsor for Marqeta in the key market.
Amid these major developments, the company is maintaining its sights on increasing scale, optimizing costs, and tapping the market opportunity in the embedded finance market as well.
Overall, the Street has a $6.25 consensus price target on Marqueta alongside a Moderate Buy consensus rating. Today’s price gains come after a nearly 54.5% drop in Marqueta shares over the past year.
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