Remitly (RELY) Stock: Why It Increased 11.42%

By Amit Chowdhry ● Aug 5, 2022
  • The stock price of Remitly (RELY) increased by 11.42% in the previous trading session. This is why.

The stock price of Remitly (RELY) – a leading digital financial services provider for immigrants and their families in over 170 countries around the world – jumped up by 11.42% in the previous trading session. Investors responded positively to Remitly’s second quarter results.

Q2 2022 Highlights and Key Operating Data

(All comparisons relative to the second quarter of 2021)

— Active customers increased to 3.4 million, from 2.4 million, up 43%.

— Send volume increased to $7.0 billion, from $5.0 billion, up 40%.

— Revenue totaled $157.3 million, compared to $111.1 million, up 42%.

— Net loss was $38.2 million and Adjusted EBITDA was $(5.3) million.

2022 Financial Outlook

For fiscal year 2022, Remitly is currently expecting:

— Total revenue in the range of $625 million to $630 million, representing a growth rate of 36% to 37% year over year. This outlook reflects an increase from our prior outlook of $610 million to $620 million.

— Adjusted EBITDA in the range of $(35) million to $(30) million. This outlook reflects an increase at the midpoint from our prior outlook of $(40) million to $(30) million.

KEY QUOTE:

“Our track record of delivering for our customers led to strong financial results in the second quarter. We are raising our revenue and Adjusted EBITDA outlook for 2022 as we expect continued progress on our strategic growth initiatives in the back half of 2022. The resilience of our customers in these volatile times is an inspiration and we plan to keep delivering a remittance and broader financial services experience that builds trust and peace of mind for our customers.”

— Matt Oppenheimer, Remitly’s Chief Executive Officer