Remitly Global Stock Tumbles Following Revenue Miss in Q1 Earnings Report
Thursday, 2 May 2024, 19:49
Remitly comes up short on the top line
Shares of Remitly Global (NASDAQ: RELY) fell today after the company missed top-line estimates in its first-quarter earnings report. Revenue in the quarter rose 32% to $269.1 million, slightly below the consensus of $274 million. Active customers grew by 36%, and send volume by 34%.
Cost management and financial performance
- Adjusted EBITDA rose from $5.4 million to $19.3 million
- On a GAAP basis, loss per share narrowed from $0.16 to $0.11
- CEO Matt Oppenheimer pleased with results
Conclusion: Despite Remitly's positive financial progress in Q1, missing revenue estimates resulted in a significant stock drop. Investors remain cautious despite the improved EBITDA guidance for the year.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.