Shares of Remitly Global (RELY 15.06%) were among the winners today after the digital remittance specialist delivered better-than-expected results in its second-quarter earnings report. The company continued to report brisk growth in the quarter and raised its full-year guidance.
As of 12:36 p.m. ET on Thursday, the stock was up 15.8% on the news.
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Remitly impresses again
Remitly reported 34% revenue growth to $411.9 million, well ahead of expectations at $384.5 million.
The company, which serves more than 170 countries and 5,200 corridors (or channels between two countries), saw even faster growth in send volume, which was up 40% to $18.5 billion. Quarterly active customers also rose 24% to 8.5 million.
Remitly also reported net income of $6.5 million on the basis of generally accepted accounting principles, up from a loss of $12.1 million in the quarter a year ago. That translated to a per-share profit of $0.03. Adjusted earnings before interest, taxes, depreciation, and amortization jumped from $26.2 million to $64 million.
CEO Matt Oppenheimer said: "Q2 was a defining quarter for Remitly. We delivered exceptional financial performance and achieved breakthrough innovation that positions us to shape the future of global financial services."
Among the company's recent innovations are Remitly Business, which grows its addressable market from $2 trillion to $22 trillion, and its Remitly One membership program with features like "send now, pay later" that will be launched later this year.
What's next for Remitly
In addition to those features, the company is leveraging the power of new technologies like stablecoins and agentic AI to improve its service and open up new markets.
It expects revenue of $411 million to $413 million in the third quarter, representing 22% to 23% growth, ahead of the consensus at $406.7 million. And management lifted its full-year guidance from a range of $1.57 billion to $1.59 billion. to a range of $1.61 billion to $1.62 billion.
Lastly, it announced a $200 million share buyback program, which should help offset some of its share-based compensation.
Overall, the business is exceeding expectations, and it has a lot of new services coming out. It's easy to see why the stock was up by double-digit percentages today.
