Payments Company Marqeta Beats Revenue Estimates As Transactions Surge

Payments company Marqeta Inc reported a 76% jump in second-quarter revenue on Wednesday that beat market estimates, as the company benefited from a surge in transactions made through its platform.

Net revenue rose to $122.27 million for the quarter ended June 30, from $69.4 million a year earlier.

Analysts on average were expecting revenue of $99.75 million, according to IBES data from Refinitiv.

Financial technology companies like Marqeta have gained from an uptick in virtual transactions during the COVID-19 pandemic, which has boosted online spending on shopping and food deliveries.

The company’s net loss widened to $68.55 million, or 29 cents per share for the quarter, from $7.1 million, or 6 cents per share, a year earlier, due to higher employee-related costs.

Marqeta, which provides payments services to customers including Uber Technologies Inc and DoorDash Inc, reported its earnings for the first time after making its stock market debut in June.

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Author: Shirley