Marqeta Inc MQ shares are trading higher by 20.4% at $7.98. The company reported first-quarter earnings results during Wednesday’s after-hours session. The stock was halted for volatility at 10:12 a.m. EDT.
Marqeta reported quarterly losses of 11 cents per share which missed the analyst consensus estimate of a loss of 8 cents. The company also reported quarterly sales of $166.10 million which beat the analyst consensus estimate of $161.27 million by 3%.
Marqeta says GAAP net loss was $61 million and adjusted EBITDA loss was $10 million for the first quarter.
“Our results for the first quarter of 2022 put the fundamentals of Marqeta’s modern card issuing platform on strong display, as we powered our customers to new milestones of scale and enabled their global expansion while launching new products and partners that further enrich the value we provide them,” said Jason Gardner, Founder and CEO of Marqeta.
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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.
According to data from Benzinga Pro, Marqeta has a 52-week high of $37.90 and a 52-week low of $6.05.