Payments company Marqeta beats revenue estimates as transactions surge
The logo for payments startup Marqeta Inc. is displayed on a screen during the company's IPO in Times Square in New York City, U.S., June 9, 2021. REUTERS/Brendan McDermid
:Payments company Marqeta Inc reported a 76per cent jump in second-quarter revenue on Wednesday that beat market estimates, as the company benefited from a surge in transactions made through its platform.
Net revenue rose to US$122.27 million for the quarter ended June 30, from US$69.4 million a year earlier.
Analysts on average were expecting revenue of US$99.75 million, according to IBES data from Refinitiv.
Financial technology companies like Marqeta have gained from an uptick in virtual transactions during the COVID-19 pandemic, which has boosted online spending on shopping and food deliveries.
The company's net loss widened to US$68.55 million, or 29 cents per share for the quarter, from US$7.1 million, or 6 cents per share, a year earlier, due to higher employee-related costs.
Marqeta, which provides payments services to customers including Uber Technologies Inc and DoorDash Inc, reported its earnings for the first time after making its stock market debut in June.
(Reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber)
