Here's Why Marqeta (MQ) Shares are Soaring Today

Marqeta (NASDAQ: MQ) shares are up 12% in today’s trading session after the company reported better-than-expected Q3 results.

Marqeta reported Q3 EPS of ($0.08) to top than the analyst estimate of ($0.13). Revenue for the quarter came in at $131.5 million versus the consensus estimate of $120.4 million.

For this quarter, the company is calling for revenues of between $134 million and $139 million, versus the consensus of $126.3 million. Adjusted EBITDA is seen in the range of $(10) million to $(7) million.

“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.

Marqeta shares were also boosted by at least two Street analysts who raised price targets following Q3 outperformance.

Marqeta shares are still down 9% YTD.

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