Remitly Global, a Seattle-based digital financial services company, experienced a surge in its stock price on Thursday following the release of its impressive second-quarter results. The stock gained 24% in midday trading, reaching $22.79 per share, marking its highest closing price since December 1, 2021. Overall, Remitly's shares have doubled in value this year.
In terms of financial performance, Remitly reported a second-quarter loss of $18.85 million, or 11 cents per share. This is a significant improvement compared to the same period last year, when the company experienced a loss of $38.25 million, or 23 cents per share. Analysts surveyed by FactSet had predicted earnings of 17 cents per share, making Remitly's results even more impressive.
Moreover, Remitly's revenue soared by 49% to $234 million, surpassing analysts' expectations of $215.8 million. This strong growth can be attributed to Remitly's ability to help immigrants send money across borders with ease.
Given its exceptional performance, Remitly has raised its outlook for full-year revenue to a range of $915 million to $925 million. This is an increase from its previous forecast of $875 million to $895 million. Analysts are also optimistic about Remitly's future sales, expecting them to reach approximately $916.8 million.
Additionally, the company has revised its adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) outlook. It now expects adjusted EBITDA to range from $33 million to $40 million, compared to the previous projection of $5 million to $15 million.
In conclusion, Remitly Global's second-quarter results have exceeded expectations and positioned the company for continued growth. With its user-friendly platform and innovative solutions for cross-border money transfers, Remitly has established itself as a leader in the digital financial services industry.
Written by Ben Glickman
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