Remitly Global Stock Climbs on Outlook Raise, 3Q User Gains

Dow Jones10-31

By Dean Seal

Shares of Remitly Global jumped after the company raised revenue guidance and said its user accounts surged in the third quarter.

The stock opened the market up 24% at $18.99. Shares are now about 2% lower than where they started the year.

The Seattle-based financial services provider for immigrants now expects $1.25 billion to $1.254 billion in revenue this year, up from a prior outlook for $1.23 billion to $1.25 billion. The company also lifted its outlook for an adjusted earnings metric, though it still expects to log an unadjusted loss for the year.

In the third quarter, Remitly's active customer count increased 35% to 7.3 million while revenue surged 39% to $336.5 million, topping analyst forecasts for $320.7 million, according to FactSet.

The strong top line swung the company to a profit of $1.9 million from a $35.7 million loss a year ago. Per share, earnings were 1 cent. Analysts had been expecting a loss of 7 cents a share.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 31, 2024 09:44 ET (13:44 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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