Marqeta Stock Drops 30% Post-Weaker Q4 Forecast Amid Banking Sector Concerns

Benzinga 2024-11-05

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Marqeta shares fell over 30% in extended trading after the company released a weaker-than-expected fourth-quarter outlook. The payment processing firm cited banking sector concerns and customer program adjustments. Third-quarter results showed a slight miss on revenue and adjusted earnings. Marqeta’s forecast for fourth-quarter revenue growth fell short of analysts' estimates. Marqeta has also expanded into the Buy Now, Pay Later space with its Marqeta Flex product, enabling BNPL credit cards through partnerships with lenders like Affirm and Klarna.

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