Shares of payments platform $Remitly Global (RELY.US)$ were trading more than 19% higher after the bell on Wednesday, after the company announced better-than-expected Q3 results and issued Q4 revenue guidance above estimates.
Remitly reported quarterly earnings of $0.01 per share, surpassing the analyst consensus estimate of $-0.07 by an impressive 114.29%. Additionally, the company achieved quarterly sales of $336.53 million, exceeding expectations of $320.74 million by 4.92%, reflecting a robust 39.27% increase from $241.63 million in the same period last year.
“I am grateful to our customers and global teams for the exceptional third quarter results,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly.
“As our performance in the third quarter exceeded expectations, we are pleased to increase our 2024 outlook for both revenue and Adjusted EBITDA. We are excited about growth opportunities in 2025 and beyond as we execute on our vision of transforming lives with trusted financial services that transcend borders.”
For fiscal year 2024, Remitly expects total revenue of $1.250 billion to $1.254 billion, reflecting year-over-year growth of 32% to 33%, and Adjusted EBITDA of $108 million to $112 million. For Q4 2024, the company projects revenue between $338 million and $342 million, with Adjusted EBITDA of $17 million to $21 million.
