Online money transfer platform Remitly (NASDAQ: RELY) will be announcing earnings results this Wednesday after the bell. Here’s what investors should know.
Remitly beat analysts’ revenue expectations last quarter, reporting revenues of $495.2 million, up 20.2% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ EBITDA estimates and full-year EBITDA guidance exceeding analysts’ expectations. It reported 10.2 million active customers, up 20% year on year.
Is Remitly a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Remitly’s revenue to grow 21% year on year, slowing from the 24.7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Remitly has a history of exceeding Wall Street’s expectations.
Looking at Remitly’s peers in the consumer internet segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Coinbase’s revenues decreased 35% year on year, meeting analysts’ expectations, and Robinhood reported revenues up 11.8%, in line with consensus estimates. Coinbase traded down 10.3% following the results while Robinhood was also down 3.3%.
Read our full analysis of Coinbase’s results here and Robinhood’s results here.
There has been positive sentiment among investors in the consumer internet segment, with share prices up 4.7% on average over the last month. Remitly is up 11.8% during the same time and is heading into earnings with an average analyst price target of $32.11 (compared to the current share price of $25.62).
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