Marqeta reported an earnings per share of USD 0.23 for Q2 2024 compared to a loss per share of USD 0.11 a year ago and beating analyst-estimated earnings per share of USD 0.19 for Q2 2024. The company reported a 46% YoY decline in net revenue to USD 125.3 million for Q2 2024 from USD 231.1 million in Q2 2023 but beating analyst-estimated net revenue of USD 119.8 million for Q2 2024.

The decline in net revenue was partly attributable to a 60% negative growth impact arising from revenue presentation changes resulting from the new Cash App contract. Marqeta reported a 32% YoY growth in total processing volume (TPV) to USD 70.6 billion for Q1 2024 from USD 53.6 billion recorded in Q2 2023, primarily driven by increased volume growth across various use cases. The company's GAAP net income for Q2 2024 was USD 119.1 million, while adjusted EBITDA was a negative USD 1.8 million, representing an adjusted EBITDA margin of -1%.

Recent business updates during Q2 2024 include Marqeta partnering with Visa and Affirm to enable Visa Flexible Credential, signing a five-year deal with Varo Bank to become its issuer processor, and signing Zoho to provide expense management and embedded finance solutions for over 700,000 businesses.