Marqeta Q2 revenue beats estimates on higher total processing volume
MQ•Outlook
Marqeta sees third-quarter net revenue growth of 6-8%.
The company expects third-quarter gross profit growth of 5-7%.
Marqeta projects full-year adjusted EBITDA growth in the low 30s%.
Drivers of the quarter
The company said Q2 revenue and gross profit growth were primarily driven by increased Total Processing Volume.
Revenue growth was partially offset by faster growth in card programs with minimal or no program management.
Quarterly results beat estimates
Marqeta's second-quarter revenue rose 17% year over year, beating analyst expectations.
Adjusted EBITDA for the quarter grew 31% and also beat analyst expectations.
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Beat | $176 mln | $173.35 mln (11 Analysts) |
| Q2 Net Income | $7.56 mln | ||
| Q2 Adjusted EBITDA | Beat | $37.42 mln | $32.15 mln (10 Analysts) |
| Q2 Gross Margin | 69% | ||
| Q2 Gross Profit | $122 mln |
Share repurchase and analyst coverage
On August 3, the company authorized a $150 million share repurchase program.
