Marqeta shares tumble as first-quarter guidance falls short of expectations
Shares in payment tech provider Marqeta Inc. MQ,
fell sharply after Tuesday’s close after the company forecast first-quarter sales growth that was slightly below estimates. The company, whose technology is helping to simplify online card payments for customers, apps and merchants, said it expects revenue growth of 26% to 28% in the first quarter. This contrasts with FactSet expectations of around 29%. Shares fell 18.5% after the close on Tuesday. The company counted DoorDash Inc. DASH,
and Block Inc. SQ,
as customers. Fourth quarter results were better than expected. The company reported a net loss of $26.3 million, or five cents a share, in the fourth quarter, compared to a net loss of $36.8 million, or seven cents a share, in the same quarter of 2021. Revenue increased 31% to $203.8 million. compared to $155.4 million in the same quarter last year. Analysts polled by FactSet were expecting a loss of 10 cents a share on sales of $201.9 million.
https://www.marketwatch.com/story/marqeta-shares-dive-as-first-quarter-forecast-comes-up-shy-of-expectations-bca210a6?siteid=yhoof2&yptr=yahoo Marqeta shares tumble as first-quarter guidance falls short of expectations