Marqeta Falls Most Ever After Giving Disappointing Outlook
Marqeta headquarters in Oakland, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Shares of Marqeta Inc. tumbled 43% after the payment card partner for firms including Block and Affirm forecast disappointing results for the fourth quarter.
The Oakland, California-based company cited increased regulatory scrutiny of the banking environment as a contributing factor to the outlook. Marqeta, which went public in 2021, gave fourth quarter gross-profit guidance growth of 13%-to-15%, lower than a consensus of 23%, according to Bloomberg Intelligence analysts.