Marqeta Inc. shares experienced a significant after-hours plunge of 5.58% following the release of its first-quarter financial results.
The company reported a swing to profitability with GAAP net income of $8 million, or $0.02 per share, compared to a loss in the prior year. Revenue for the quarter rose 19% to $166 million, beating analyst estimates of $164.3 million. Total processing volume also saw strong growth, climbing 33% to $112 billion.
Despite these positive results, the stock declined sharply in after-hours trading. Investors appeared 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 may have been viewed as a deceleration from the 19% growth achieved in the first quarter. Additionally, analyst sentiment had weakened in recent months, with mean earnings estimates falling significantly prior to the report.
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