Card issuer Marqeta rises after Q3 revenue beat, Block contract extension

Marqeta

08/11/2023 12:20

** Shares of card issuing platform Marqeta  MQ.O  rise ~10%
to $5.89 premarket
    ** After market close on Tuesday, co reported
higher-than-expected Q3 revenue
    ** Total processing volume rose 33%, driven by volume growth
    ** Co renews deal with Block  SQ.N  for its Square debit
card and extended contract for the cash app card through June
2028
    ** Morningstar calls the extension "a significant positive"
    ** Up to last close, MQ stock up ~12.4% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)