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Marqeta Inc (NASDAQ:MQ) shares are trading lower in Tuesday's after-hours session after the company reported fourth-quarter results and issued guidance for slowing growth.
What Happened: Marqeta reported fourth-quarter revenue of $203.81 million, which beat average analyst estimates of $201.93 million, according to Benzinga Pro. The company's top-line results were up 31% on a year-over-year basis. Marqeta reported a quarterly loss of 5 cents per share, which beat estimates for a loss of 9 cents per share.
"We are entering 2023 uniquely positioned to capture the massive opportunity in embedded finance. Our cloud native and API-first platform offers a fully bundled offering - debit, credit, risk, money movement and program management tools, making it seamless for our customers to embed financial services into their own products," said Simon Khalaf, CEO of Marqeta.
Net revenue grew 45% for the year. Marqeta said it expects revenue growth to be in the range of 26% to 28% in the first quarter. It appears selling pressure is related to the company's weaker growth outlook. Adjusted EBITDA margins are expected to be in a range of negative 5% to negative 6%.
See Also: After-Hours Action: What's Going On With Marathon Digital Stock?
MQ Price Action: Marqeta shares are down 19.1% after hours at $4.69 at the time of writing, according to Benzinga Pro.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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