Marqeta, Inc. (NASDAQ:MQ) shares are trading higher on Wednesday after the company reported better-than-expected third-quarter revenue results.
What To Know: Marqeta posted its third-quarter earnings report on Tuesday after the close of the market. The company reported quarterly losses of 10 cents per share, lagging behind the analyst consensus estimate of losses of nine cents, unchanged from the same period last year.
The company beat revenue estimates of $95.07 million, reporting quarterly revenue of $108.89 million. The figure represents a 43.17% decrease over sales of $191.62 million the same period last year.
The stock reacted positively to the news on Wednesday, with shares rising over 22%. Additionally, Susquehanna analyst James Friedman initiated coverage on Marqeta with a Positive rating and announced a price target of $9.
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MQ Price Action: Shares of MQ were up 18.3% at $6.33 at the time of publication, according to Benzinga Pro.
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