Marqeta Inc MQ shares are trading higher by 17.0% to $5.80 Wednesday morning after the company reported mixed second-quarter financial results.
Marqeta announced second-quarter losses of 11 cents per share, 10% below the estimated loss of 10 cents. Second-quarter sales were $231.0 million, surpassing the estimated $219.22 million by 5.37% and reflecting a 23.74% rise from $186.68 million in the same period last year.
Meanwhile, year-over-year, gross profit rose 8% to $85 million from $78 million in second-quarter 2022, driven by TPV growth, resulting in a 37% gross margin in second-quarter 2023.
See Also: Mortgage Rates Reach Highest Point Since 2002
Second-quarter net loss increased by $14 million to $59 million. The gross profit increase was partially offset by higher compensation & benefits, attributed to restructuring charges and post-combination compensation related to the Power Finance acquisition. Net loss margin for second-quarter 2023 was 25%.
Total Processing Volume surged 33% YoY to $54 billion from $40 billion in second-quarter 2022.
Adjusted EBITDA improved by $11 million YoY, reaching $1 million in second-quarter 2023 from a $10 million loss in the same period last year. Adjusted EBITDA margin for second-quarter 2023 was 0.4%, up 5% from the previous year.
According to data from Benzinga Pro, MQ has a 52-week high of $11.14 and a 52-week low of $3.46.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.