Here's Why Bitcoin- And Ethereum-Related Stock Marqeta Is Getting Hammered

Marqeta Inc MQ shares are trading lower by 17.96% to $9.06 Thursday morning after the company reported second-quarter earnings results.

What Happened?

Marqeta reported quarterly losses of 8 cents per share which beat the analyst consensus estimate of a loss of 10 cents. by 20 percent. The company also reported quarterly sales of $187.00 million which beat the analyst consensus estimate of $179.84 million by 4%.

Marqeta also sees third-quarter 2022 net revenue growth of 36% to 38%, gross profit margin of 43% to 44% and adjusted EBITDA margin of -8% to -9%

What Else?

"Marqeta's platform continues to enable customers across many different verticals to build products on the cutting edge of payments, and serve as an accelerator for their growth. Our second quarter results are testament to that breadth and depth, as we again launched new products and bought on major new customers globally," said Jason Gardner, Founder and CEO of Marqeta.

According to data from Benzinga Pro, Marqeta has a 52-week high of $37.90 and a 52-week low of $6.05.