Financial News
Remitly (RELY) Reports Earnings Tomorrow: What To Expect
Online money transfer platform Remitly (NASDAQ:RELY) will be reporting earnings tomorrow after market close. Here’s what to look for.
Remitly beat analysts’ revenue expectations by 1.5% last quarter, reporting revenues of $306.4 million, up 30.9% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates. It reported 6.85 million active buyers, up 36.1% year on year.
Is Remitly a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Remitly’s revenue to grow 32.7% year on year to $320.6 million, slowing from the 42.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.12 per share.
Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 3 downward revisions over the last 30 days (we track 9 analysts). Remitly has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 2.9% on average.
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. Netflix delivered year-on-year revenue growth of 15%, meeting analysts’ expectations, and Coursera reported revenues up 6.4%, topping estimates by 1.2%. Netflix traded up 11.1% following the results while Coursera was down 9.7%.
Read our full analysis of Netflix’s results here and Coursera’s results here.
Investors in the consumer internet segment have had steady hands going into earnings, with share prices up 1.9% on average over the last month. Remitly is up 13.2% during the same time and is heading into earnings with an average analyst price target of $20.67 (compared to the current share price of $15.16).
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