Stock Track | Remitly Global Soars 22% as Blowout Q3 Results Signal Rapid Growth

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Shares of Remitly Global (NASDAQ: RELY), the leading digital remittance platform, soared over 21% on Monday after the company reported stellar third-quarter results that smashed expectations and raised its full-year guidance significantly.

For the quarter ended September 30, 2024, Remitly posted revenue of $336.53 million, up a blistering 39.3% year-over-year and comfortably beating Wall Street's estimates of $320.74 million. The top-line beat was driven by robust growth in active customers, which increased 35% year-over-year to 7.3 million, as well as higher transaction volume per customer.

Even more impressively, Remitly reported a surprise profit of $0.01 per share, defying analysts' expectations of a $0.07 loss. The company's adjusted EBITDA of $46.7 million nearly doubled projections, reflecting the increasing scale and operating leverage in its digital model. On the back of this blowout performance, Remitly raised its full-year 2024 revenue guidance to $1.25 billion - $1.254 billion, compared to previous estimates of $1.244 billion. Adjusted EBITDA guidance was also lifted significantly to $108 million - $112 million.

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