Marqeta reported a loss per share of USD 0.07 for Q1 2024, lower than the loss per share of USD 0.13 recorded in Q1 2023 but beating the analyst-estimated loss per share of USD 0.08 for Q1 2024. The company reported a 46% YoY decline in total revenue to USD 118.0 million in Q1 2024, from USD 217.3 million recorded in Q1 2023, missing analyst-estimated total revenue by 0.26% for Q1 2024.

Marqeta reported total processing volume (TPV) of USD 67 billion for Q1 2024, marking a 33% YoY increase driven by volume growth across various use cases. The company's GAAP net loss for Q1 2024 was USD 36 million, while adjusted EBITDA was positive USD 9 million, representing an adjusted EBITDA margin of 8%.

Recent business updates include the global expansion of its UberEats partnership (since forming in 2020) into eight additional markets, i.e., Canada, Australia, Mexico, Brazil, Colombia, Peru, Chile, and Costa Rica.

During the quarter, Marqeta partnered with Klarna to launch the new Klarna Card, offering US users flexible payment options, personalized recommendations, and cash-back benefits within the Klarna app. The company also partnered with Rain to launch the Rain Card, a branded debit card allowing employers to access earned wages. The partnership powers the Rain Card for wage disbursement to multinational customers such as McDonald’s, Taco Bell, Hilton, and Marriott.

Marqeta's board of directors authorized a new share repurchase program for up to USD 200 million of its Class A common stock, reflecting confidence in the company's business and market prospects. Following the earnings announcement, Marqeta’s share price rose by 1.57% during after-hours trading.