Marqeta, Inc. - MQ STOCK NEWS

Marqeta reports Q1 2023 financial results, with total purchase volume crossing $50 billion, a $200 million share repurchase program, and expected annual expense reductions of $40-45 million. Net revenue increased by 31% YoY to $217 million, gross profit increased by 19% YoY to $89 million, and GAAP net loss was $69 million. Marqeta highlights its focus on embedded finance and recent business partnerships. The company plans to reduce operating expenses and aims for profitability. Guidance for Q2 2023 includes net revenue growth of 17-19% and gross profit growth of 1-3%.

Marqeta (NASDAQ: MQ) and Branch released their third annual Gig Payments Report, revealing that gig work is increasingly relied upon as a primary income source due to rising inflation. The report, based on a survey of over 1,000 gig workers, found that 61% now rely on gig income, up from 21% in 2021. Economic instability has led 49% of workers to consider leaving traditional jobs for gig opportunities. Inflation pressures are significant, with 63% of respondents taking up additional work due to rising costs in essentials like gas and groceries. Speed of payment is crucial, as 79% would prefer instant payment options. The report highlights a shift towards digital financial services, with 65% of gig workers favoring mobile wallets.

Marqeta, Inc. (NASDAQ: MQ), a leader in modern card issuing solutions, will hold a conference call on May 9, 2023, at 4:30 PM ET to discuss its first quarter 2023 financial results. CEO Simon Khalaf and CFO Mike Milotich will lead the call.

A press release detailing the financial outcomes will be distributed after market closure on the same day. Investors can listen to the live webcast on Marqeta's investor relations website, with a replay available afterward. Marqeta's innovative platform facilitates customizable payment card solutions and operates in 40 countries globally, leveraging open APIs to enhance payment experiences.

Marqeta (NASDAQ: MQ) reports over 100% growth in processing volumes for accelerated wage access from Q3 to Q4 2022. The company partners with WorkWhile to enable workers to access wages instantly via a debit card, enhancing financial well-being amidst inflation and credit challenges. This service allows workers to bypass traditional pay cycles, providing immediate earnings access. As a result, the service may help mitigate financial burdens for hourly workers, with a potential positive impact on Marqeta's market position.

Marqeta has partnered with Stables to launch a new prepaid card enabling users to convert stablecoins into fiat currency. The card, powered by Mastercard, allows spending at any location accepting Mastercard globally. Notably, a 2022 survey revealed that 30% of Australians own cryptocurrency, with 82% expressing interest in using it like cash. Marqeta’s Just-in-Time funding features empower users to seamlessly integrate their stablecoin wallets for everyday purchases, responding to growing demand for flexible payment solutions in the digital asset space.