Shares of Marqeta Inc. (NASDAQ:MQ) surged during Wednesday’s after hours’s session following a management update that the company both raised expectations for Q4 financial results, and revealed that Visa Veteran Mike Milotich would be the new Chief Financial Officer.
During the third-quarter earnings report, Marqeta provided financial guidance regarding net revenue and adjusted EBITDA for the fourth quarter. As a result of “higher-than expected processing volumes,” management now expects to “outperform the previously announced guidance for both its net revenue and adjusted EBITDA.” Q4 earnings are on March 9, 2022.
The new CFO brings significant experience following a decade-long tenure at Visa in various financial leadership roles, most recently serving as Senior Vice President of Investor Relations and Corporate Finance. In particular, the majority of his corporate finance experience falls in payments and financial services. Mike has also held leadership positions at American Express and PayPal.
Marqeta Inc. is headquartered in Oakland, California and 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.
At the time of publication, shares of Marqeta were trading 16.5% higher during after hours at $12.95. The stock has a 52-week low of $9.38 and a 52-week high of $37.90.
