Remitly Global Impresses with Outstanding Quarterly Results

Investors in Remitly Global can be pleased following the announcement of the surprising third-quarter results. The company, specializing in international money transfers and competing with industry giants like Western Union and MoneyGram, has managed to further expand its market share and significantly increase its customer base. The number of active customers rose impressively by 5.4 million to 7.3 million, while the transfer volume, the amount of money sent across borders, increased by 42% to $14.5 billion. Revenues climbed by 39% to $336.5 million, far surpassing the estimates of $320.7 million. This dynamic revenue growth was also positively reflected in the operating result: Adjusted EBITDA jumped from $10.5 million to $46.7 million. According to generally accepted accounting principles (GAAP), Remitly recorded a net profit of $1.9 million compared to a loss of $35.7 million in the same quarter last year. Earnings per share of $0.01 exceeded analysts' consensus, which had forecast a loss of $0.07 per share. CEO Matt Oppenheimer praised the results as "extraordinary" and expressed optimism for future growth opportunities from 2025 onwards while the company continues to pursue its vision of revolutionizing cross-border financial services. Remitly raised its annual revenue forecast from an initial $1.23 billion - $1.25 billion to $1.25 billion - $1.254 billion, representing growth of 32% - 33%. Additionally, the EBITDA forecast was increased from $90 million - $100 million to $108 million - $112 million. Remitly's continuous tendency to exceed its own forecasts, as well as achieving a GAAP profit in the past quarter, suggest a positive development for the stock. Investors fearing they might have missed opportunities may be pleased with the rare chance to invest in this potential before it possibly becomes too late.