What happened
Shares of digital payment technology specialist Marqeta (MQ +0.74%) dipped sharply on Thursday. The stock was down 14.2% as of 10:45 a.m. EDT.
The stock's decline comes even as the tech company's revenue grew rapidly and easily beat analyst estimates. But a worse-than-expected loss per share for the quarter may have spooked some investors.
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So what
Marqeta's revenue surged 76% year over year to $122.3 million. This growth, Marqeta founder and CEO Jason Gardner said in the company's second-quarter earnings release, demonstrates "an enormous appetite for modern card issuing, demand across diverse industries and rapid growth with our customers."
The company notably said its buy now, pay later vertical, which supports payment options for "the majority of leading innovators," saw net revenue soar 350% year over year during the period.
But Marqeta's net loss widened from $7.1 million in the year-ago period to $68.6 million. This translated to a loss per share of $0.29. Analysts, on average, were expecting a loss per share of about $0.08. The wider loss was driven by increases in employee-related costs, management said.
Now what
Management guided for third-quarter revenue to be between $114 million and $119 million. This was ahead of analysts' consensus forecast for revenue of about $110 million.
Investors will likely continue to have high expectations for Marqeta, as it only recently went public. This was the company's first earnings report as a public company.
