Marqeta reported a 33% year-over-year increase in total processing volume (TPV) to $62 billion for Q4 2023. Net revenue for the quarter was $119 million, a 42% decrease year-over-year, primarily due to the Cash App contract renewal. The company reported a GAAP net loss of $40 million and Adjusted EBITDA income of $3 million for the quarter.
Total Processing Volume (TPV) increased by 33% year-over-year to $62 billion.
Net revenue decreased by 42% year-over-year to $119 million, impacted by the Cash App contract renewal.
Gross profit decreased by 4% year-over-year to $83 million.
Net loss increased by 53% year-over-year to $40 million, driven by expenses related to the Power Finance acquisition.
Marqeta is focused on platform enhancement with new credit card program management capabilities, renewing processing volume to longer-term deals, and delivering on operating efficiency. The company sees continued growth in Fintech and opportunities in embedded finance.
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