Marqeta, Inc. (MQ), a cloud-based open application programming interface platform, is trading at $34.30 at the time of the writing after the stock has increased 6.85% in aftermarket trading session. On Tuesday, MQ closed the day at $32.10 after soaring 13.51% during the mid-day session. The continuous surge is due to the announcement of the partnership between Marqeta and Amount.
Reason for Surge
On 26th October, Amount, a leading tech provider for financial institutions, and MQ announced the first virtual card and loan origination partnership to help the banks rapidly enter the BNPL space. The partnership would reduce the digital tool gaps that prove a hindrance for banks to enter into the BNPL space. This would allow them to go to the markets in months with a BNPL offering and a virtual card that would drive revenue would capture market share and increase the loyalty online and in-store.
MQ partnership with Branch and Uber Freight
Just a day before, i.e. on 25th October, MQ announced to partner with Branch, a leading workforce payment medium, and Uber Freight. The partnership was intended to fast and reliable payment as well as carrier first financial services to the logistical and transportation industry. Uber Freight would pay the carriers significantly faster than the industry standard via Marqeta’s modern card issuing platform. That would require no additional cost. The carriers on uber Freights could get paid two hours after approved prove of delivery rather than waiting for 30 long days.
When are Q3 2021 results to be announced?
On 11th October, MQ announced that it would conference call to discuss the results for the third quarter of fiscal 2021 on November 10th. The CEO of the company, Jason Gardner, and CFO, Tripp Faix, would host the call. After the closure of the market on the same day, i.e. 11th October, the company would issue a press release with Q3 2021 financial results.
Q2 2021 financial highlights
MQ reported the financial results for the second quarter of the fiscal year 2021 on 12th August 2021. The quarter ended on 30th June 2021. The company generated $122.26 million in terms of revenue during the period. The gross profit for the period was $46.97 million. The company reported that the net loss for the three months was estimated to be $68.55 million. The net loss per basic and diluted share for the quarter was found out to be $0.29.
What lies ahead for MQ stock?
During the last three months, MQ has surged more than 15% primarily on the back of excellent revenue figures for the second quarter as well as partnerships with leading international enterprises. The company expects to continue similar performance in near future as well.