Marqeta Inc. (MQ) stock goes up to $29.13 with an increase of 15.45% in the premarket, versus its last close at $25.11 with a decrease of 5.25% on November 10. Marqeta reported its third quarter financial results 2021, on November 10, after the market closed. The Q3 results gave the stock investors positive hope for the stock as it began to climb premarket.
The Fintech Company MQ
Marqeta Inc. is a global modern card issuing platform. This dynamic fintech platform is headquartered in Oakland, California. Its modern technology operates cloud-based open application programming interface platform that allows the seamless transfer of payments through an app from a buyer to seller. It also issues customized payment tools like debit and rewards cards (both physical and virtual) to its customers.
Marqeta Inc. while has been founded over a decade ago, is pretty new to the public market given its initial public offering (IPO) in June of this year.
MQ’s Financials
On November 10, Marqeta Inc. disclosed its financial results for the third quarter ended September 30, 2021. As per the financial results of the Q3, MQ generated a revenue of $132 million with a 56% Year over Year change. The same quarter saw an increase of 60% in the total processing volume (TPV), placing TPV at $27.6 billion.
The net loss per basic and diluted share for the quarter ended September 30, 2021, was $0.08 against a net loss per basic and diluted share of $0.10 for the same quarter 2020. The net loss per share beat the consensus estimate of $0.13 net loss per share.
Future Outlook
The positive Q3 financial results along with the various partnership that MQ secured with Uber Technologies and Bill.com shows a positive outlook for Marqeta’s future. The company is expanding its presence in small business as well as enterprise categories.
The trends in interactions among businesses, consumers, and financial institutions are swiftly changing due to fintech. Most of the physical forms of transactions are being replaced by digital methods. Marqeta has achieved solid ground as a facilitator in the changing market. Its virtual card products are set to move along with the market. Marqeta is on the right trajectory to grow and expand along with the changing market.
If Marqeta continues its current positive trajectory in both financials and the market, its future is looking bright.
