Remitly jumps after strong annual revenue forecast

Remitly Global

22/02/2024 14:17

** Shares of digital financial services provider Remitly
Global  RELY.O  rise 21.1% to $21.43 premarket
    ** After market close on Wednesday, RELY forecast 2024 total
revenue of $1.23 bln to $1.25 bln compared with analysts'
estimates of $1.23 bln - LSEG
    ** Q4 revenue jumped 39% to $264.80 mln compared with last
year, beating expectations of $261.30 mln
    ** Q4 active customers surged 41% to 5.90 mln, while send
volume jumped 38% to $11.10 bln compared to last year
    ** RELY earns substantial portion of its revenue through its
remittance business, where it charges a transaction fee to
customers sending remittances
    ** However, RELY posted a wider Q4 net loss of 19 cents/shr
vs 11 cents/shr loss last year
    ** Stock jumped 69.6% in 2023

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))