Marqeta Inc (NASDAQ:MQ) shares are trading higher by 18.02% at $12.64 after the company reported better-than-expected fourth-quarter sales results.
Marqeta reported quarterly losses of 7 cents per share, which met the analyst consensus estimate. Marqeta also reported quarterly sales of $155.41 million which beat the analyst consensus estimate of $137.74 million by 13%. This sales figure represents a 76% increase over sales of $88.20 million in the same period last year.
"Our modern card issuing platform can support cutting edge innovation at massive scale, and our fourth quarter and full-year 2021 results demonstrate that, both in the caliber of new customers we're attracting to our platform and the growth of our existing customers globally," said Jason Gardner, Founder and CEO of Marqeta.
Marqeta shares were also trading higher during Wednesday's session after the company announced a new partnership with Citi Commercial Cards to facilitate the provisioning of cards into mobile wallets.
"This offering will give our corporate clients a convenient way to instantly provision a card into their mobile wallet of choice to pay seamlessly and securely on the go. Marqeta's tokenization services will be implemented globally in over 40 markets," said Gonca Latif-Schmitt, Global Head of Citi Commercial Cards.
"We're committed to supporting new use cases and work tirelessly to ensure our corporate clients and their employees around the world can take advantage of the latest payments technologies to help their businesses succeed," Latif-Schmitt stated.
Marqeta reports fourth-quarter earnings during Wednesday's after-hours session.
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Marqeta provides its clients with a card issuing platform that offers the infrastructure and tools necessary to offer digital, physical and tokenized payment options without the need for a traditional bank.
Marqeta has a 52-week high of $37.90 and a 52-week low of $8.40.
