Remitly GlobalNASDAQ: RELY

Remitly Global, Inc. (NASDAQ:RELY ) Q3 2024 Earnings Conference Call October 30, 2024 5:00 PM ET Company Participants Stephen Shulstein - Vice President, Investor Relations Matt Oppenheimer - Co-Founder and Chief Executive Officer Vikas Mehta - Chief Financial Officer Conference Call Participants Andrew Schmidt - Citi Andrew Bauch - Wells Fargo Ramsey El-Assal - Barclays Will Nance - Goldman Sachs Tien-Tsin Huang - JPMorgan David Scharf - Citizens JMP Rufus Hone - BMO Capital Markets Cris Kennedy - William Blair Darrin Peller - Wolfe Research Alex Markgraff - KBCM Gus Gala - MCH & Co. Zachary Gunn - FT Partners Operator Hello, and welcome to Remitly's Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Remitly Global, Inc. (RELY) came out with quarterly earnings of $0.01 per share, beating the Zacks Consensus Estimate of a loss of $0.06 per share. This compares to loss of $0.20 per share a year ago.

Shares of Remitly surged in after-hours trading as the Seattle-based digital remittance company reported its first profitable quarter.

Remitly (RELY) stock has underperformed the market this year, falling by over 22% even as the Nasdaq 100 and S&P 500 indices have soared by 20%+ and moved to their all-time highs.  It remains 47% below its highest level in 2023 and by 72% from its all-time high, bringing its market cap to $2.9 billion.

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SEATTLE, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a trusted provider of digital financial services that transcend borders, today announced that its management team will present at the 2024 Goldman Sachs Communacopia + Technology Conference

The average of price targets set by Wall Street analysts indicates a potential upside of 54.4% in Remitly Global (RELY). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.

The consensus price target hints at a 74.4% upside potential for Remitly Global (RELY). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.

Remitly Global, Inc. (RELY) came out with a quarterly loss of $0.06 per share versus the Zacks Consensus Estimate of a loss of $0.10. This compares to loss of $0.11 per share a year ago.