The global modern card issuer reported Total
Processing Volume growth of 30% and Gross Profit growth of 24% in
the third quarter of 2024
Marqeta, Inc. (NASDAQ: MQ), the global modern card
issuing platform, today reported financial results for the third
quarter ended September 30, 2024.
The Company reported Total Processing Volume (TPV) of $74
billion, representing a year-over-year increase of 30%. The Company
reported Net Revenue of $128 million and Gross Profit of $90
million, representing increases of 18% and 24%, respectively,
year-over-year. GAAP Net Loss for the quarter was $29 million and
Adjusted EBITDA was $9 million.
"In the third quarter our true growth trajectory was back on
display as we lapped the Block contract renewal, while continuing
to demonstrate operational discipline to fuel strong Adjusted
EBITDA. We combined this with several new product announcements
that further enhance the Marqeta platform to provide transformative
payment solutions at scale for our expanding customer base,” said
Simon Khalaf, CEO at Marqeta.
Marqeta highlighted several recent business updates that
demonstrate its current business momentum:
- Marqeta introduced a Portfolio Migration service that reduces
complexity for customers upgrading existing card programs onto the
Marqeta platform, without impacting their existing cardholder
experience. This ability allows for the seamless migration of
customers from competitor platforms to Marqeta. Completed at the
end of October, Marqeta successfully migrated millions of Klarna
cards in Europe onto its platform from Klarna’s incumbent
processor.
- Marqeta unveiled Marqeta Flex, an industry-leading solution
that revolutionizes how BNPL loans can be delivered inside payment
apps and wallets. Marqeta Flex is intended to increase BNPL’s
acceptance and provide consumers with access to personalized BNPL
options inside of the payment apps they use most often. Marqeta
also announced Affirm and Klarna as the first BNPL providers to be
integrated into Marqeta Flex and Branch, which is used by a large
number of Uber drivers, as the first application to support Marqeta
Flex.
- UX Toolkit, also introduced this quarter, is an addition to
Marqeta's portfolio of card program management tools. The UX
Toolkit includes user interface components that can be customized
and enhanced to improve cardholder touchpoints. The UX Toolkit will
allow Marqeta’s customers to create front-end modern payment
experiences from scratch with fewer development resources required.
This will further enhance Marqeta’s leadership in program
management and enable its customers to deliver better user
experiences for their cardholders.
Operating Highlights
In thousands, except percentages and
per share data. % change is calculated over the comparable
prior-year period (unaudited)
Three Months Ended September
30,
%
Change
Nine Months Ended September
30,
%
Change
2024
2023
2024
2023
Financial metrics:
Net revenue
$127,967
$108,891
18
%
$371,205
$557,349
(33
%)
Gross profit
$90,132
$72,508
24
%
$253,646
$246,281
3
%
Gross margin
70
%
67
%
3 ppts
68
%
44
%
24 ppts
Total operating expenses
$132,363
$142,334
(7
%)
$240,687
$472,960
(49
%)
Net (loss) income
($28,643
)
($54,990
)
48
%
$54,405
($182,587
)
130
%
Net (loss) income margin
(22
%)
(51
%)
29 ppts
15
%
(33
%)
48 ppts
Net (loss) income per share - basic
($0.06
)
($0.10
)
40
%
$0.11
($0.34
)
132
%
Net (loss) income per share - diluted
($0.06
)
($0.10
)
40
%
$0.10
($0.34
)
129
%
Key operating metric and Non-GAAP
financial measures:
Total Processing Volume (TPV)
(in millions) 1
$73,899
$56,650
30
%
$211,192
$160,285
32
%
Adjusted EBITDA 2
$9,019
($2,062
)
537
%
$16,429
($5,586
)
394
%
Adjusted EBITDA margin 2
7
%
(2
%)
9 ppts
4
%
(1
%)
5 ppts
Non-GAAP operating expenses 2
$81,113
$74,570
9
%
$237,217
$251,867
(6
%)
1 TPV represents the total dollar amount
of payments processed through our platform, net of returns and
chargebacks. We believe that TPV is a key indicator of the market
adoption of our platform, growth of our brand, growth of our
customers' businesses and scale of our business.
2 See "Information Regarding Non-GAAP
Measures" for definitions of Adjusted EBITDA, Adjusted EBITDA
margin, and Non-GAAP operating expenses and the reconciliations of
the net loss to Adjusted EBITDA, and of the total operating
expenses to Non-GAAP operating expenses.
Third Quarter 2024 Financial
Results:
Total Processing Volume increased by 30% year-over-year,
rising to $74 billion from $57 billion in the third quarter of
2023.
Net Revenue of $128 million increased by $19 million, or
18% year-over-year, primarily driven by increased volumes,
partially offset by unfavorable mix due to faster growth of Powered
by Marqeta volume and a renegotiated platform partnership in the
first quarter of 2024.
Gross Profit increased by 24% year-over-year to $90
million from $73 million in the third quarter of 2023 primarily due
to our TPV growth. Gross Margin was 70% in the third quarter of
2024.
Net Loss of $29 million in the quarter improved by $26
million year-over-year due to gross profit growth and lower
operating expenses. Net Loss margin was 22% in the third quarter of
2024, an improvement of 29 percentage points versus last year.
Adjusted EBITDA was $9 million in the third quarter of
2024, increasing by $11 million year-over year. Adjusted EBITDA
margin was 7% in the third quarter of 2024, an increase of 9
percentage points versus last year.
Financial Guidance
Our fourth quarter guidance reflects several changes that became
apparent over the last few months with regards to the heightened
scrutiny of the banking environment and specific customer program
changes.
The following summarizes Marqeta's guidance for the fourth
quarter of 2024:
Fourth Quarter 2024
Net Revenue Growth
10 - 12%
Gross Profit Growth
13 - 15%
Adjusted EBITDA Margin (1)
5 - 7%
(1) See "Information Regarding Non-GAAP
Measures" for the definition of Adjusted EBITDA Margin and for
information regarding non-availability of a forward
reconciliation.
Conference Call
Marqeta will host a live conference call today at 1:30 p.m.
Pacific time (4:30 p.m. Eastern time). To join the call, please
dial-in 10 minutes in advance: toll-free at 1-877-407-4018 or
direct at 1-201-689-8471. The conference call will also be
available live via webcast online at
http://investors.marqeta.com.
The telephone replay dial-in numbers are 1-844-512-2921 and
1-412-317-6671 and will be available until November 11, 2024, 8:59
p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code
for the replay is 13748904.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements expressed or implied in this press release include, but
are not limited to, statements relating to Marqeta’s quarterly
guidance; statements regarding Marqeta’s business plans, business
strategy and the continued success and growth of our customers;
statements and expectations regarding Marqeta's partnerships, new
product introductions, and product capabilities, including credit
card issuing; and statements made by Marqeta’s CEO and CFO. Actual
results may differ materially from the expectations contained in
these statements due to risks and uncertainties, including, but not
limited to, the following: the effect of uncertainties related to
our business, results of operations, financial condition, and
demand for our platform; the risk that Marqeta’s anticipated
accounting treatment may be subject to further changes or
developments; the risk that Marqeta is unable to further attract,
retain, diversify, and expand its customer base; the risk that
Marqeta is unable to drive increased profitable transactions on its
platform; the risk that consumers and customers will not perceive
the benefits of Marqeta’s products, including credit card issuing,
as Marqeta expects; the risk that Marqeta's platform does not
operate as intended resulting in system outages; the risk that
Marqeta will not be able to achieve the cost structure that Marqeta
currently expects; the risk that Marqeta’s solution will not
achieve the expected market acceptance; the risk that competition
could reduce expected demand for Marqeta’s services, including
credit card issuing; the risk that changes in the regulatory
landscape could adversely affect Marqeta's operations and revenues,
including heightened scrutiny of the banking environment and
specific customer program changes; the risk that Marqeta may be
unable to maintain relationships with issuing banks and card
networks; the risk that Marqeta is not able to identify and
recognize the anticipated benefits of any acquisition; the risk
that Marqeta is unable to successfully integrate any acquisition to
businesses and related operations; the risk of financial services
and banking sector instability and follow on effects to fintech
companies; the impact of macroeconomic factors, including various
geopolitical conflicts, uncertainty related to global elections,
changes in inflation and interest rates, and uncertainty in global
economic conditions; and the risk that Marqeta may be subject to
additional risks due to its international business activities.
Detailed information about these risks and other factors that could
potentially affect Marqeta’s business, financial condition and
results of operations are included or incorporated by reference in
the “Risk Factors” disclosed in Marqeta's Annual Report on Form
10-K for the year ended December 31, 2023 and subsequent Quarterly
Reports on Form 10-Q, as such risk factors may be updated from time
to time in Marqeta’s periodic filings with the SEC, available at
www.sec.gov and Marqeta’s website at
http://investors.marqeta.com.
The forward-looking statements in this press release are based
on information available to Marqeta as of the date hereof. Marqeta
disclaims any obligation to update any forward-looking statements,
except as required by law.
Disclosure Information
Investors and others should note that Marqeta announces material
financial information to its investors using its investor relations
website, SEC filings, press releases, public conference calls and
webcasts. Marqeta also uses social media to communicate with its
customers and the public about Marqeta, its products and services
and other matters relating to its business and market. It is
possible that the information Marqeta posts on social media could
be deemed to be material information. Therefore, Marqeta encourages
investors, the media, and others interested in Marqeta to review
the information we post on social media channels including the
Marqeta X feed (@Marqeta), the Marqeta Instagram page
(@lifeatmarqeta), the Marqeta Facebook page, and the Marqeta
LinkedIn page. These social media channels may be updated from time
to time.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most
directly comparable financial results as determined in accordance
with GAAP are included at the end of this press release following
the accompanying financial data. For a description of these
non-GAAP financial measures, including the reasons management uses
each measure, please see the section of the tables titled
"Information Regarding Non-GAAP Financial Measures".
About Marqeta, Inc.
Marqeta makes it possible for companies to build and embed
financial services into their branded experience—and unlock new
ways to grow their business and delight users. The Marqeta platform
puts businesses in control of building financial solutions,
enabling them to turn real-time data into personalized, optimized
solutions for everything from consumer loyalty to capital
efficiency. With compliance and security built-in, Marqeta’s
platform has been proven at scale, processing more than $200
billion in annual payments volume in 2023. Marqeta is certified to
operate in more than 40 countries worldwide and counting. Visit
www.marqeta.com to learn more.
Marqeta® is a registered trademark of Marqeta, Inc.
Marqeta, Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except per
share amounts)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net revenue
$
127,967
$
108,891
$
371,205
$
557,349
Costs of revenue
37,835
36,383
117,559
311,068
Gross profit
90,132
72,508
253,646
246,281
Operating expenses (benefit):
Compensation and benefits
100,964
102,433
299,120
350,592
Technology
16,317
13,930
44,204
41,674
Professional services
4,759
4,197
13,437
14,507
Occupancy
1,178
1,074
3,476
3,285
Depreciation and amortization
4,448
3,108
11,941
7,582
Marketing and advertising
582
346
1,688
1,348
Other operating expenses
4,115
3,833
11,438
14,171
Executive chairman long-term performance
award
—
13,413
(144,617
)
39,801
Total operating expenses
132,363
142,334
240,687
472,960
(Loss) income from operations
(42,231
)
(69,826
)
12,959
(226,679
)
Other income, net
13,703
15,074
41,845
37,508
(Loss) income before income tax
expense
(28,528
)
(54,752
)
54,804
(189,171
)
Income tax expense (benefit)
115
238
399
(6,584
)
Net (loss) income
$
(28,643
)
$
(54,990
)
$
54,405
$
(182,587
)
Net (loss) income per share
attributable to Class A and Class B common stockholders
Basic
$
(0.06
)
$
(0.10
)
$
0.11
$
(0.34
)
Diluted
$
(0.06
)
$
(0.10
)
$
0.10
$
(0.34
)
Weighted-average shares used in
computing net (loss) income per share attributable to Class A and
Class B common stockholders
Basic
507,160
529,489
513,678
535,797
Diluted
507,160
529,489
522,394
535,797
Marqeta, Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
September 30,
2024
December 31,
2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
886,417
$
980,972
Restricted cash
8,500
8,500
Short-term investments
217,569
268,724
Accounts receivable, net
26,373
19,540
Settlements receivable, net
11,817
29,922
Network incentives receivable
46,667
53,807
Prepaid expenses and other current
assets
23,821
27,233
Total current assets
1,221,164
1,388,698
Operating lease right-of-use assets,
net
4,894
6,488
Property and equipment, net
35,791
18,764
Intangible assets, net
31,238
35,631
Goodwill
123,523
123,523
Other assets
19,226
16,587
Total assets
$
1,435,836
$
1,589,691
Liabilities and stockholders'
equity
Current liabilities
Accounts payable
$
1,026
$
1,420
Revenue share payable
167,081
173,645
Accrued expenses and other current
liabilities
165,466
161,514
Total current liabilities
333,573
336,579
Operating lease liabilities, net of
current portion
2,082
5,126
Other liabilities
4,523
4,591
Total liabilities
340,178
346,296
Stockholders' equity :
Preferred stock
—
—
Common stock
50
52
Additional paid-in capital
1,865,565
2,067,776
Accumulated other comprehensive income
833
762
Accumulated deficit
(770,790
)
(825,195
)
Total stockholders’ equity
1,095,658
1,243,395
Total liabilities and stockholders'
equity
$
1,435,836
$
1,589,691
Marqeta, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September
30,
2024
2023
Cash flows from operating
activities:
Net income (loss)
$
54,405
$
(182,587
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
11,941
7,582
Share-based compensation expense
103,258
95,911
Executive chairman long-term performance
award
(144,617
)
39,801
Non-cash postcombination compensation
expense
—
32,430
Non-cash operating leases expense
1,017
1,870
Amortization of premium (accretion of
discount) on short-term investments
(2,650
)
(5,525
)
Other
328
1,068
Changes in operating assets and
liabilities:
Accounts receivable
(7,285
)
(1,108
)
Settlements receivable
18,105
(1,477
)
Network incentives receivable
7,140
8,086
Prepaid expenses and other assets
3,195
7,760
Accounts payable
(3,274
)
(4,350
)
Revenue share payable
(6,564
)
4,289
Accrued expenses and other liabilities
545
3,331
Operating lease liabilities
(2,129
)
(2,499
)
Net cash provided by operating
activities
33,415
4,582
Cash flows from investing
activities:
Purchases of property and equipment
(2,382
)
(722
)
Capitalization of internal-use
software
(14,577
)
(9,488
)
Business combination, net of cash
acquired
—
(135,630
)
Purchases of short-term investments
—
(972,430
)
Sales of marketable securities
—
637,913
Maturities of short-term investments
54,000
437,034
Realized gain (loss) on investments
—
(73
)
Net cash provided by (used in) investing
activities
37,041
(43,396
)
Cash flows from financing
activities:
Proceeds from exercise of stock options,
including early exercised stock options, net of repurchase of early
exercised unvested options
121
4,081
Payment on acquisition-related contingent
consideration
—
(53,067
)
Proceeds from shares issued in connection
with employee stock purchase plan
1,629
1,775
Taxes paid related to net share settlement
of restricted stock units
(29,043
)
(18,553
)
Repurchase of common stock
(137,718
)
(131,519
)
Net cash used in financing activities
(165,011
)
(197,283
)
Net decrease in cash, cash equivalents,
and restricted cash
(94,555
)
(236,097
)
Cash, cash equivalents, and restricted
cash- Beginning of period
989,472
1,191,646
Cash, cash equivalents, and restricted
cash - End of period
$
894,917
$
955,549
Marqeta, Inc.
Financial and Operating
Highlights
(in thousands, except per
share data or as noted)
(unaudited)
2024
2023
Year over Year Change Q3'24 vs
Q3'23
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
Operating performance:
Net revenue
$
127,967
$
125,270
$
117,968
$
118,822
$
108,891
18
%
Costs of revenue
37,835
45,917
33,807
35,589
36,383
4
%
Gross profit
90,132
79,353
84,161
83,233
72,508
24
%
Gross margin
70
%
63
%
71
%
70
%
67
%
3 ppts
Operating expenses (benefit):
Compensation and benefits
100,964
103,166
94,990
95,790
102,433
(1
%)
Technology
16,317
14,769
13,118
13,938
13,930
17
%
Professional services
4,759
4,808
3,870
7,172
4,197
13
%
Occupancy and equipment
1,178
1,204
1,094
1,076
1,074
10
%
Depreciation and amortization
4,448
3,956
3,537
3,159
3,108
43
%
Marketing and advertising
582
728
378
1,219
346
68
%
Other operating expenses
4,115
3,418
3,905
3,804
3,833
7
%
Executive chairman long-term performance
award
—
(157,738
)
13,121
13,413
13,413
(100
%)
Total operating expenses (benefit)
132,363
(25,689
)
134,013
139,571
142,334
(7
%)
(Loss) income from operations
(42,231
)
105,042
(49,852
)
(56,338
)
(69,826
)
40
%
Other income, net
13,703
14,216
13,926
14,932
15,074
(9
%)
(Loss) income before income tax
expense
(28,528
)
119,258
(35,926
)
(41,406
)
(54,752
)
48
%
Income tax expense (benefit)
115
150
134
(1,030
)
238
(52
%)
Net (loss) income
$
(28,643
)
$
119,108
$
(36,060
)
$
(40,376
)
$
(54,990
)
48
%
(Loss) income per share - basic
$
(0.06
)
$
0.23
$
(0.07
)
$
(0.08
)
$
(0.10
)
40
%
(Loss) income per share - diluted
$
(0.06
)
$
0.23
$
(0.07
)
$
(0.08
)
$
(0.10
)
309
%
TPV (in millions)
$
73,899
$
70,627
$
66,666
$
61,979
$
56,650
30
%
Adjusted EBITDA
$
9,019
$
(1,817
)
$
9,228
$
3,292
$
(2,062
)
537
%
Adjusted EBITDA margin
7
%
(1
%)
8
%
3
%
(2
%)
9 ppts
Financial condition:
Cash and cash equivalents
$
886,417
$
924,730
$
970,357
$
980,972
$
947,749
(6
%)
Restricted cash
$
8,500
$
8,500
$
8,500
$
8,500
$
7,800
9
%
Short-term investments
$
217,569
$
228,833
$
228,324
$
268,724
$
349,395
(38
%)
Total assets
$
1,435,836
$
1,488,283
$
1,558,361
$
1,589,691
$
1,603,249
(10
%)
Total liabilities
$
340,178
$
345,908
$
347,696
$
346,296
$
308,166
10
%
Stockholders' equity
$
1,095,658
$
1,142,375
$
1,210,665
$
1,243,395
$
1,295,083
(15
%)
ppts = percentage points
Marqeta, Inc. Reconciliation of GAAP
to NON-GAAP Measures (in thousands)
(unaudited)
Information Regarding Non-GAAP Measures
In addition to the financial measures prepared in accordance
with generally accepted accounting principles in the United States
(“GAAP”), this press release contains certain non-GAAP financial
measures. Marqeta considers Adjusted EBITDA, Adjusted EBITDA
Margin, and Non-GAAP operating expenses as supplemental measures of
the company’s performance that are not required by, nor presented
in accordance with GAAP.
We define Adjusted EBITDA as net (loss) income adjusted to
exclude depreciation and amortization; share-based compensation
expense; executive chairman long-term performance award; payroll
tax related to share-based compensation; restructuring charges;
acquisition-related expenses which consist of due diligence costs,
transaction costs and integration costs related to potential or
successful acquisitions, and cash and non-cash postcombination
compensation expenses; income tax expense (benefit); and other
income (expense), net, which consists of interest income from our
short-term investments, realized foreign currency gains and losses,
our share of equity method investments’ profit or loss, impairment
of equity method investments or other financial instruments, and
gain from sale of equity method investments. We believe that
Adjusted EBITDA is an important measure of operating performance
because it allows management and our board of directors to evaluate
and compare our core operating results, including our operating
efficiencies, from period to period. Additionally, we utilize
Adjusted EBITDA as an input into our calculation of our annual
employee bonus plans and performance-based restricted stock
units.
Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided
by net revenue. This measure is used by management and our board of
directors to evaluate our operating efficiency.
We define Non-GAAP operating expenses as total operating
expenses adjusted to exclude depreciation and amortization;
share-based compensation expense; executive chairman long-term
performance award; payroll tax related to share-based compensation;
restructuring charges; and acquisition-related expenses which
consists of due diligence costs, transaction costs and integration
costs related to potential or successful acquisitions, and cash and
non-cash postcombination compensation expenses. We believe that
Non-GAAP operating expenses is an important measure of operating
performance because it allows management and our board of directors
to evaluate and compare our core operating results, including our
operating efficiencies, from period to period.
Adjusted EBITDA, Adjusted EBITDA Margin, and Non-GAAP operating
expenses should not be considered in isolation, or construed as an
alternative to net loss, or any other performance measures derived
in accordance with GAAP, or as an alternative to cash flow from
operating activities or as a measure of the company's liquidity. In
addition, other companies may calculate Adjusted EBITDA differently
than Marqeta does, which limits its usefulness in comparing
Marqeta’s financial results with those of other companies.
The following table shows Marqeta's GAAP results reconciled to
non-GAAP results included in this release:
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net revenue
$
127,967
$
108,891
$
371,205
$
557,349
Net (loss) income
$
(28,643
)
$
(54,990
)
$
54,405
$
(182,587
)
Net (loss) income margin
(22
%)
(51
%)
15
%
(33
%)
Total operating expenses
$
132,363
$
142,334
$
240,687
$
472,960
Net (loss) income
$
(28,643
)
$
(54,990
)
$
54,405
$
(182,587
)
Depreciation and amortization expense
4,448
3,108
11,941
7,582
Share-based compensation expense(1)
35,654
32,135
103,258
98,802
Executive chairman long-term performance
award(1)
—
13,413
(144,617
)
39,801
Payroll tax expense related to share-based
compensation
440
541
2,307
1,818
Acquisition-related expenses (2)
10,708
18,270
30,581
64,420
Restructuring
—
297
—
8,670
Other income, net
(13,703
)
(15,074
)
(41,845
)
(37,508
)
Income tax expense (benefit)
115
238
399
(6,584
)
Adjusted EBITDA
$
9,019
$
(2,062
)
$
16,429
$
(5,586
)
Adjusted EBITDA Margin
7
%
(2
%)
4
%
(1
%)
Total operating expenses
$
132,363
$
142,334
$
240,687
$
472,960
Depreciation and amortization expense
(4,448
)
(3,108
)
(11,941
)
(7,582
)
Share-based compensation expense(1)
(35,654
)
(32,135
)
(103,258
)
(98,802
)
Executive chairman long-term performance
award(1)
—
(13,413
)
144,617
(39,801
)
Payroll tax expense related to share-based
compensation
(440
)
(541
)
(2,307
)
(1,818
)
Restructuring
—
(297
)
—
(8,670
)
Acquisition-related expenses (2)
(10,708
)
(18,270
)
(30,581
)
(64,420
)
Non-GAAP operating expenses
$
81,113
$
74,570
$
237,217
$
251,867
(1) Prior period amounts related to the
Executive Chairman Long-Term Performance Award have been
reclassified to conform to the current period presentation.
(2) Acquisition-related expenses, which
include transaction costs, integration costs and cash and non-cash
postcombination compensation expense, have been excluded from
Adjusted EBITDA as such expenses are not reflective of our ongoing
core operations and are not representative of the ongoing costs
necessary to operate our business; instead, these are costs
specifically associated with a discrete transaction.
A reconciliation of Adjusted EBITDA margin to the comparable
GAAP measure for the fourth quarter of 2024 is not available due to
the challenges and impracticability with estimating some of the
items as such items cannot be reasonably predicted and could be
significant. Because of those challenges, reconciliations of such
forward-looking non-GAAP financial measures are not available
without unreasonable effort.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241104895415/en/
IR Contact: Marqeta Investor Relations, IR@marqeta.com
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