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Marqeta, Inc. (NASDAQ:MQ ) Q3 2023 Earnings Conference Call November 7, 2023 4:30 PM ET Company Participants Stacey Finerman - Vice President, Investor Relations Simon Khalaf - Chief Executive Officer Mike Milotich - Chief Financial Officer Conference Call Participants Tien-Tsin Huang - JPMorgan Timothy Chiodo - UBS Darrin Peller - Wolfe Research Ramsey El-Assal - Barclays Sanjay Sakhrani - KBW Ashwin Shirvaikar - Citi Bryan Keane - Deutsche Bank Chris Kennedy - William Blair Meryl Thomas - Morgan Stanley Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Marqeta Third Quarter 2023 Earnings Conference Call.

With new extensions to the Block partnerships, Marqeta's latest third quarter results also underscored momentum in buy now, pay later (BNPL) and accelerated wage access. CEO Simon Khalaf said on the call to discuss earnings Tuesday (Nov.

Shares of Marqeta Inc. were ahead 6% in Tuesday's extended session after the card-issuing company exceeded expectations on a profit metric for its latest quarter and also posted upbeat revenue.

Simon Khalaf, Marqeta CEO, joins 'Closing Bell Overtime' to talk the company's new credit card issuing platform for brands.

Card issuer Marqeta has teamed with Scalapay to expand buy now, pay later use in Europe. The collaboration, announced Tuesday (Oct. 17), will see Marqeta work with Scalapay — a buy now, pay later (BNPL) firm operating throughout Europe — to issue virtual cards for online and in-person transactions.

Block Inc. shares could more than double from here, according to Barclays analyst Ramsey El-Assal, as investors seem to be overlooking some potential positive catalysts.

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Marqeta is a fintech that has struggled in recent years, falling 81% since its peak in 2021. The company relies on one customer for most of its revenue and recently agreed to a four-year contract extension.

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Marqeta forecast that revenue would fall by half next quarter. However, that's due to its contract renewal with Cash App parent Block.