Why Remitly Global Stock Popped 8% Today
Written by Jeremy Bowman for The Motley Fool -> Remitly easily beat top-line estimates and posted strong EBITDA growth. The business is starting to gain operating leverage, driving margins higher. …
Remitly easily beat top-line estimates and posted strong EBITDA growth.
The business is starting to gain operating leverage, driving margins higher.
Shares of Remitly Global (NASDAQ: RELY) were moving higher on Thursday after the remittance specialist posted better-than-expected results in its second-quarter earnings report.
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Remitly said that send volume, or the amount of money remitted, rose 27% in the quarter to $23.5 billion, driving revenue up 20% to $495.2 million, which was ahead of the consensus at $486 million.
Active customers jumped 20% to 10.2 million, showing the company still has a lot of runway in customer growth.
Even more impressive was its adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) rising 79% to $114.7 million, showing the business is scaling and it's benefiting from network effects.
On the bottom line, earnings per share after adjusting for a one-time tax benefit jumped form $0.03 to $0.30, which was just below the consensus at $0.31.
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