Shares of Remitly Global Inc. (NASDAQ: RELY), the leading digital remittance platform, skyrocketed nearly 30% on October 31, 2024, after the company reported stunning third-quarter results that smashed Wall Street expectations and raised its full-year guidance significantly.
For the quarter ended September 30, 2024, Remitly posted record revenue of $336.5 million, up a blistering 39.3% year-over-year, driven by robust growth in active customers and surging transaction volumes. The company reported a surprise profit of $0.01 per share, defying analysts' expectations of a $0.07 loss per share. Remitly's adjusted EBITDA of $46.7 million nearly doubled projections, reflecting the increasing scale and operating leverage in its digital model.
The stellar performance was fueled by record new customer acquisitions, with active customers increasing 35% year-over-year to 7.3 million. Send volume soared 42% to $14.5 billion, outpacing active customer growth and indicating higher transaction frequency. Remitly continued to gain market share across existing corridors while expanding into new regions and customer segments, such as seafarers and sub-Saharan Africa.
Buoyed by the blowout quarter, 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.
Remitly's co-founder and CEO, Matt Oppenheimer, highlighted the company's unique and sustainable growth strategy driven by its massive market opportunity, ability to serve distinct customer needs, and structural advantages as a digital business. He emphasized the company's focus on continuous innovation, expansion into new corridors and segments, and leveraging data-driven insights to enhance customer experiences and drive operational efficiency.
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