Why Bitcoin-, Ethereum-Related Stock Marqeta Is Moving Higher During Wednesday's After-Hours Session

Marqeta Inc MQ shares are trading higher by 7.32% to $6.69 during Wednesday's after-hours session after the company reported mixed third-quarter financial results. 

What Happened?

Marqeta reported a third-quarter EPS loss of 10 cents, which missed the analyst consensus estimate of a loss of 9 cents. Meanwhile, sales of $191.62 million beat the $180.86 million estimate.

Gross profit for the company was $80 million, an increase of 36% year-over-year, resulting in a gross margin of 42%.

Marqeta's GAAP net loss was $53 million, and Adjusted EBITDA loss was $14 million.

"This recent quarter serves as a great example of our continued success and the tremendous market opportunity in front of Marqeta. We signed innovative new customers in both the United States and Europe, we expanded our platform with the launch of new banking capabilities to complement our leadership in modern card issuing, and increased the global utility of our platform with our European data residency program," said Jason Gardner, Founder and CEO of Marqeta.

According to data from Benzinga Pro, MQ has a 52-week high of $30.28 and a 52-week low of $6.05.