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Home News

Remitly Global Quarterly Results Surge

by Myfxtools
February 22, 2024
in News
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Shares of Remitly Global saw a significant surge as the provider of digital financial services exceeded quarterly revenue expectations and provided robust guidance.

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Market Performance

Remitly surged by 20% to $21.23 on Thursday, outperforming the broader market as the S&P 500 gained 1.6%.

Analyst Upgrades

BMO Capital Markets analyst Rufus Hone upgraded the stock’s rating to Outperform from Market Perform and raised the price target to $28 from $24. Initially concerned about marketing spending, Hone expressed relief that the latest quarterly report allayed those fears.

Strong Results

Hone highlighted that “RELY’s 4Q results were strong, showcasing consistent underlying marketing efficiency, impressive customer growth, and significant potential for future operating leverage.” He emphasized that investors are undervaluing the company’s growth trajectory.

Analyst Concordance

Analysts at William Blair, led by Cristopher Kennedy, also maintaining an Outperform rating on the shares, echoed similar sentiments in their report released on Thursday.

Remitly’s Path to Long-Term Growth

An Early Stage in a High-Growth Story

Remitly continues to make strides in the global remittance market, with the team expressing confidence in its long-term, high-growth trajectory. Despite currently holding just a small share (2%) of the $1.8 trillion market, the company’s potential for expansion remains promising.

Strong Fourth-Quarter Performance

In the fourth quarter, Remitly showcased its financial strength by achieving $264.8 million in revenue, surpassing Wall Street’s expectations of $261.4 million. This marked a substantial 39% increase from the previous year. The per-share loss of 19 cents was also narrower than analysts’ projections by 1 cent.

Growing Customer Base

The number of active customers surged to 5.9 million from 4.2 million compared to the previous year, demonstrating Remitly’s ability to attract and retain a sizable customer base.

Forward Outlook for Fiscal 2024

Looking ahead to fiscal 2024, Remitly anticipates revenue ranging between $1.225 billion and $1.25 billion, representing a year-over-year growth rate of 30% to 32%. Analysts’ estimates as of Jan. 31 fell slightly below this projection at $1.21 billion. The company also anticipates maintaining a net loss position for the year, with adjusted earnings before interest, tax, depreciation, and amortization estimated between $75 million and $90 million.


“Our strong fourth quarter and full year 2023 performance is the direct result of delighting our customers with a reliable and fast cross-border payments experience,” said CEO Matt Oppenheimer in a statement.

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Tags: Financial ServicesMarket Performancequarterly resultsRemitly Global
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