Marqeta (MQ) jumps following results and Cash App deal that removes 'significant overhang'

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Go back to Marqeta (MQ) jumps following results and Cash App deal that removes 'significant overhang'

Marqeta Reports Second Quarter 2023 Financial Results, Announces Four Year Extension to Cash App Contract

August 8, 2023 4:07 PM EDT

The global modern card issuer had $54 billion in total processing volume, up 33 percent year-over-year, with net revenue of $231 million in the second quarter of 2023, up 24 percent year-over-year.

OAKLAND, Calif.--(BUSINESS WIRE)-- Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the second quarter ended June 30, 2023.

Total processing volume (TPV) was $54 billion, with net revenue of $231 million, representing year-over-year increases of 33% and 24%, respectively. Gross profit was $85 million, an increase of 8% year over year, resulting in a gross margin of 37%. GAAP net loss was $59 million and Adjusted... More