Remitly Global Shares Surge After Swinging to Q3 Profit on Higher Revenue; 2024 Sales Outlook Raised

MT Newswires Live11-01

Remitly Global (RELY) shares were up nearly 15% in recent trading Thursday after the company said late Wednesday it swung to a profit in Q3 on improved revenue.

The company reported net income of $0.01 per diluted share, swinging from a loss of $0.20 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.07.

Revenue for the quarter ended Sept. 30 was $336.5 million, up from $241.6 million a year earlier. Analysts surveyed by Capital IQ expected $320.6 million.

The company projects Q4 revenue in the range of $338 million to $342 million. Analysts polled by Capital IQ expect $344 million.

Remitly raised its 2024 revenue guidance to $1.250 billion to $1.254 billion from the previous outlook of $1.23 billion to $1.25 billion. Analysts expect $1.26 billion.

Price: 17.49, Change: +2.23, Percent Change: +14.61

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