Marqeta Stock Tumbles Over 30% After Disappointing Forecast
Marqeta's shares plummeted over 30% after the company issued a disappointing forecast for the fourth quarter, predicting revenue growth of 10-12% compared to analysts' expectations of over 17%. The payment processing firm attributed the forecast miss to increased scrutiny in the banking sector and changes in customer programs. Despite a 30% increase in total processing volume, Marqeta's stock has fallen more than 80% from its 2021 peak. The company is also expanding into the buy now, pay later market with its Marqeta Flex product.
