Remitly Global Inc is a digital financial services company that specializes in providing international money transfer services, enabling users to send money across borders quickly and securely
Leveraging technology, Remitly offers a user-friendly platform that allows customers to transfer funds via mobile apps and online services, catering primarily to immigrants and diaspora communities. In addition to money transfers, the company provides currency exchange and payment solutions, focusing on enhancing the user experience through transparency, speed, and reliability while meeting the needs of diverse customers globally.
Growth boosts valuation multiples, but it doesn’t always last forever.
Companies that cannot maintain it are often penalized with large declines in market value, a lesson ingrained in investors who lost money in tech stocks during 2022.
Online money transfer platform Remitly (NASDAQRELY) beat Wall Street’s revenue expectations in Q4 CY2024, with sales up 32.9% year on year to $351.9 million. The company expects next quarter’s revenue to be around $346.5 million, close to analysts’ estimates. Its GAAP loss of $0.03 per share was 67.6% above analysts’ consensus estimates.
Investors are keeping a close eye on REMITLY GLOBAL INC (NASDAQRELY) as it boasts an impressive technical rating of 9 out of 10, signaling a possible breakout.
The past six months have been a windfall for Remitly’s shareholders. The company’s stock price has jumped 81.3%, hitting $22.99 per share. This was partly due to its solid quarterly results, and the run-up might have investors contemplating their next move.
The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Remitly (NASDAQRELY) and the rest of the consumer internet stocks fared in Q3.
Remitly’s 36.2% return over the past six months has outpaced the S&P 500 by 25.5%, and its stock price has climbed to $19.64 per share. This was partly due to its solid quarterly results, and the run-up might have investors contemplating their next move.
Shares of online money transfer platform Remitly (NASDAQRELY) jumped 24.1% in the after-market session after the company reported a "beat and raise" quarter. Third-quarter results blew past analysts' EBITDA expectations. Customer growth stayed strong, up 35% year on year, and was supported by robust volume growth, which grew even faster (up 42% y/y). Moving on, its full-year EBITDA guidance exceeded Wall Street's estimates. Overall, this was a strong quarter.
