Here's Why Marqeta Is Soaring on Wednesday
The stock market is having a weak day on Wednesday, with all three major indices slightly in the red as of 9:45 a.m. ET. However, fintech disruptor Marqeta (NASDAQ: MQ), which provides payment card technology to a number of leading financial services companies, was a standout, with shares up more than 15% just a few minutes after the opening bell.
As you might guess, Marqeta's surge is related to its second-quarter earnings report, but it isn't just because of solid results. The numbers were certainly strong, with revenue up 24% year over year and total processing volume up 33%, even in the difficult economic climate.
However, the biggest reason for today's spike is promising news about Marqeta's largest customer -- Block's (NYSE: SQ) Cash App.
Source Fool.com
