Marqeta's second quarter revenue grew 17% to $176M and EPS of $0.07 beat estimates, driven by a 32% surge in processing volume.

Marqeta reported second-quarter revenue of $176 million, up 17% year-over-year, and diluted EPS of $0.07, significantly beating analyst expectations. The results were driven by a 32% increase in Total Processing Volume (TPV), and the company achieved its second consecutive quarter of GAAP profitability with $8 million in net income.

Key Highlights

• Total Processing Volume (TPV) grew 32% year-over-year to $120.4 billion, exceeding the $118 billion estimate.
• Gross Profit increased 17% to $122 million, maintaining a Gross Margin of 69%.
• The company reported GAAP Net Income of $8 million, a significant improvement from a net loss of $1 million in the prior-year period.
• The Board authorized a new $150 million share repurchase program.