Marqeta shares are trading higher after the company reported better-than-expected third-quarter EPS and sales results and issued fourth-quarter net sales guidance above estimates.
Marqeta reported quarterly losses of 8 cents per share which beat the analyst consensus estimate of a loss of 13 cents per share by 38.5%. Marqeta reported quarterly sales of $131.51 million which beat the analyst consensus estimate of $119.56 million by 10%. This is a 56% increase over sales of $84.31 million in the same period last year.
“Modern card issuing is at the heart of today’s digital economy, and our third quarter results put that on display, both with the growth we’re seeing, and the way our platform is bringing to life unique new payments use cases for an incredible array of innovators,” said Jason Gardner, Founder and CEO of Marqeta.
Headquartered in Oakland, California, and founded in 2010, Marqeta provides its clients with a card issuing platform that offers the infrastructure and tools necessary to offer digital, physical, and tokenized payment options without the need for a traditional bank.
Marqeta has a 52-week high of $37.90 and a 52-week low of $19.78.
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