Remitly Global slumps on weak Q1 revenue

Remitly Global

01/05/2024 22:24

** Shares of digital financial services provider Remitly
Global  RELY.O  slump nearly 22% to $13.70 in after hours
trading
    ** Reports Q1 revenue of $269.1 mln, below analyst estimates
of $274 mln, per LSEG data
    ** Sees FY revenue of $1.22 bln-$1.25 bln vs. est. of $1.24
bln; expects to "remain in a GAAP net loss position for 2024"
    ** Stock has fallen 9.8% YTD

 (Reporting by Juby Babu in Mexico City)
 ((Juby.Babu@thomsonreuters.com;))