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

Don't forget that there may still be risks. For instance, we've identified 1 warning sign for Remitly Global that you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.