Marqeta (MQ) Soars 8.9% on Q3 Blowout

We recently published 10 Stocks on Fire Amid Market Chaos. Marqeta Inc. (NASDAQ:MQ) is one of the best-performing stocks on Thursday.

Marqeta jumped by 8.93 percent on Thursday to close at $4.88 apiece, as investors cheered the significant slash in its net losses in the third quarter of the year.

In its updated report, Marqeta Inc. (NASDAQ:MQ) said net loss shrank by 87 percent to $3.6 million from the $28.6 million in the same period last year.

Net revenues improved by 28 percent to $163 million from $127.97 million year-on-year, primarily driven by increased volumes, partially offset by unfavorable mix due to faster growth of card programs where it provided processing services with minimal or no program management.

Adjusted EBITDA jumped by 42.8 percent to $30 million from $21 million.

“Our robust Q3 financial results demonstrate our business momentum and our ability to deliver strong growth while rapidly improving our profitability,” CEO and CFO Mike Milotich said.

“Marqeta’s unique combination of modern capabilities, scale, geographic reach, expertise and flexibility continues to enable both innovation and growth for our customers,” he added.

For the fourth quarter of the year, Marqeta Inc. (NASDAQ:MQ) expects revenues to grow between 22 and 24 percent; gross profit to jump by 17 to 19 percent; and adjusted EBITDA margin to increase by 15 to 16 percent.

Marqeta Inc. (NASDAQ:MQ) is a modern global card issuing platform providing advanced infrastructures and tools for building highly configurable payment solutions.

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Disclosure: None. This article is originally published at Insider Monkey.