Stock Track | Remitly Global Plummets 23% as Weak Q4 Outlook Overshadows Strong Q3 Results

Stock Track11-06

Shares of Remitly Global, Inc. (NASDAQ: RELY) plummeted 23.05% in intraday trading, as investors reacted negatively to the company's fourth-quarter guidance despite impressive third-quarter results. The digital financial services provider's stock faced significant selling pressure, extending its pre-market losses.

Remitly reported better-than-expected Q3 earnings of $0.04 per share, surpassing analyst estimates of $0.03. Revenue for the quarter reached $419.494 million, exceeding the consensus forecast of $413.632 million and marking a 24.65% year-over-year increase. However, the company's Q4 guidance fell short of expectations, projecting fourth-quarter revenue between $426 million and $428 million. This outlook disappointed investors who were anticipating stronger growth projections.

Adding to the bearish sentiment, JP Morgan cut its price target for Remitly from $25 to $23, signaling concerns about the company's near-term prospects. As the global remittance market faces increasing competition, investors appear wary about Remitly's ability to maintain its growth trajectory. The significant sell-off reflects market doubts about the company's future performance, despite its solid Q3 results, highlighting the importance of forward-looking guidance in shaping investor sentiment.

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