By Emily Bary
Shares of Marqeta Inc. were soaring in after-hours trading Wednesday after the financial-technology company appointed a Visa Inc. veteran to be its new chief financial officer and disclosed that it expects to come in ahead of its previously issued forecast for the December quarter.
Mike Milotich, who most recently worked as Visa’s /zigman2/quotes/203660239/composite V +0.70% senior vice president of investor relations and corporate finance, will be taking over the CFO role at Marqeta /zigman2/quotes/227203754/composite MQ -6.33% beginning Feb. 22.
The company added that Tripp Faix, the current CFO, is stepping down to spend more time with his family but will serve in an advisory role until March 31 and still participate in Marqeta’s next earnings conference call, which is scheduled for March 9.
“Having spent the last ten years at Visa, I had a front row seat to the rise of Marqeta and the innovations they’ve opened up globally with their modern card-issuing platform,” Milotich said in a release. He cheered “the massive opportunity in global money movement that lies ahead of” Marqeta.
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Shares of Marqeta were up 13% in after-hours trading Wednesday.
Marqeta also disclosed in its release that it expects to exceed the fourth-quarter forecasts for revenue and adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) that it provided back in November. The upside comes amid “higher-than-expected processing volumes,” the company noted.
That prior outlook was for $134 million to $139 million in revenue and a $7 million to $10 million loss on an adjusted Ebitda basis.
Marqeta sharess have rallied in each of the past four trading sessions, but as of Wednesday’s close they were still off 67% from their Nov. 1 closing high of $33.25.