Marqeta Inc. (NASDAQ: MQ) shares plummeted 5.58% in after-hours trading on Tuesday, despite the company reporting better-than-expected first-quarter results.
The payment technology company swung to a GAAP net income of $8 million, or $0.02 per share, from a loss a year earlier. Net revenue rose 19% to $166 million, beating analyst estimates, while total processing volume climbed 33% to $112 billion.
However, investors focused on the company's forward guidance, which projected full-year revenue growth of 12% to 14% and second-quarter net revenue growth of 14% to 16%. This outlook represents a deceleration from the 19% growth achieved in the first quarter, leading to the sharp after-hours decline. Additionally, analyst sentiment had weakened in the months leading up to the report, with mean earnings estimates falling significantly.
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