Remitly Global Third Quarter 2024 Earnings: Beats Expectations

Remitly Global (NASDAQ:RELY) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$336.5m (up 39% from 3Q 2023).
• Net income: US$1.92m (up from US$35.7m loss in 3Q 2023).
• Profit margin: 0.6% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue.
• EPS: US$0.01 (up from US$0.20 loss in 3Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Remitly Global Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates.

Looking ahead, revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Diversified Financial industry in the US.

Performance of the American Diversified Financial industry.

The company's shares are up 22% from a week ago.

Risk Analysis

Before you take the next step you should know about the 1 warning sign for Remitly Global that we have uncovered.

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