Remitly Global, Inc. ( (RELY) ) has realeased its Q3 earnings. Here is a breakdown of the information Remitly Global, Inc. presented to its investors.
Don't Miss our Black Friday Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Remitly Global, Inc. is a digital financial services provider that facilitates cross-border payments, offering fast and reliable money transfer solutions to customers globally.
Remitly has announced its third quarter 2024 financial results, showcasing significant growth in active customers and revenue, alongside achieving GAAP net income profitability for the first time. The company has also raised its full-year 2024 financial outlook, reflecting its positive performance and future growth expectations.
The company reported a 35% increase in active customers, reaching 7.3 million, and a 39% rise in revenue to $336.5 million compared to the same period last year. Notably, Remitly achieved a net income of $1.9 million, overturning a previous net loss of $35.7 million. The company also reported a record Adjusted EBITDA of $46.7 million, marking a remarkable 345% increase year-over-year. These results underline the company’s strong operational execution and market penetration.
Looking ahead, Remitly expects its total revenue for 2024 to be between $1.250 billion and $1.254 billion, with Adjusted EBITDA projected to be in the range of $108 million to $112 million. While the company anticipates remaining in a GAAP net loss position for the year, its strategic initiatives and robust market presence point towards sustained growth and expansion opportunities in the coming year.
