Marqeta (NASDAQ:MQ) experienced a significant stock decline of over 40% pre-market today following a substantial reduction in its fourth-quarter guidance.

In the third quarter, Marqeta reported an adjusted loss of $0.06 per share, slightly missing analyst expectations of a $0.05 loss. The company’s revenue reached $128 million, marginally below the anticipated $128.09 million, yet reflecting an 18% year-over-year increase. Total Processing Volume (TPV) saw a 30% rise to $74 billion, and Gross Profit grew by 24% to $90 million.

Despite these positive indicators, Marqeta revised its net revenue growth forecast for the fourth quarter to 10-12%, down from the previous 16-18%, falling short of the 17% consensus estimate. Gross profit projections were also lowered to 13-15% from 22-24%, compared to the 23% expected by analysts. Additionally, the company adjusted its anticipated EBITDA margin growth to 5-7%, a decrease from the earlier 6-8%, and below the 7% projected by Wall Street analysts.