OAKLAND, Calif. (AP) — OAKLAND, Calif. (AP) — Marqeta Inc. (MQ) on Wednesday reported a loss of $40.4 million in its fourth quarter.

The Oakland, California-based company said it had a loss of 8 cents per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 9 cents per share.

The transaction processing services provider posted revenue of $118.8 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $110.4 million.

For the year, the company reported a loss of $223 million, or 42 cents per share. Revenue was reported as $676.2 million.

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