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.
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.
These three stocks are trading deeply below their 52-week highs, and analyst project them to see big increases in earnings and revenue over coming years.
Online money transfer platform Remitly (NASDAQRELY) announced better-than-expected revenue in Q3 CY2024, with sales up 39.3% year on year to $336.5 million. On the other hand, next quarter’s revenue guidance of $340 million was less impressive, coming in 2.1% below analysts’ estimates. Its GAAP profit of $0.01 per share was also 114% above analysts’ consensus estimates.
