Marqeta: TPV Soars, Revenue Suffers

Marqeta (NASDAQ:MQ), a fintech company specializing in modern card issuing and transaction processing, released second-quarter earnings on Wednesday that topped analyst consensus estimates. Along with topping estimates, total processing volume (TPV) of $71 billion jumped 32% year over year. However, there were also significant year-over-year declines in net revenue and gross profit. That's because the quarter was heavily impacted by a contract change with Block's (NYSE:SQ) Cash App, which contributed to a sharp decrease in reported revenue. That drop had some negative effects as it worked its way through to the bottom line, hitting gross profit and adjusted EBITDA.Source: Marqeta. Note: Analyst consensus estimates provided by FactSet. YOY = Year over year. EBITDA = earnings before interest, taxes, depreciation, and amortization.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool