Remitly Global (NASDAQ:RELY) Releases Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Remitly Global (NASDAQ:RELY) released its earnings results on Wednesday. The financial services provider reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.17, FiscalAI reports. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $509.84 million for the quarter, compared to analysts’ expectations of $507.31 million.

Here are the key takeaways from Remitly Global’s conference call:

• Remitly delivered a record quarter, with revenue up 22% to $510 million, adjusted EBITDA up to $121 million at a record 24% margin, and net income of $68 million.
• Core activity remained strong: send volume grew 25%, active customers grew 17% to 10.3 million, and transaction margin dollars increased 27%. Management said customer acquisition and retention were strong, while noting that larger transfers and business customers are lifting volume per customer.
• Remitly is expanding beyond consumer remittances: its business product has more than 30,000 users, its Global Card is expanding across the U.S., and new businesses are expected to grow from about 5% of revenue in 2026 to more than 10% in 2028.
• Management’s early 2027 outlook calls for high-teens revenue growth, currently expected at the low end, and adjusted EBITDA margins broadly in line with 2026. Tougher comparisons from the remittance tax and more normalized investment spending are expected to weigh on growth and limit margin expansion.
• Temporary Indian foreign-currency measures affected large transfers, though management said the impact was difficult to quantify; large-transfer volume outside India grew 80% year over year, and the company expects the disruption to stabilize over time.

Remitly Global Price Performance

Shares of RELY stock traded up $1.70 during mid-day trading on Wednesday, hitting $27.08. The company had a trading volume of 7,973,647 shares, compared to its average volume of 3,854,112. Remitly Global has a 52-week low of $12.08 and a 52-week high of $28.00. The stock’s 50 day moving average price is $23.73 and its 200-day moving average price is $20.56. The company has a market capitalization of $5.73 billion, a P/E ratio of 19.48 and a beta of 0.46.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. KeyCorp increased their price target on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Weiss Ratings downgraded Remitly Global from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Wolfe Research upped their price objective on Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 25th. Finally, The Goldman Sachs Group upped their price objective on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.78.

Insider Activity at Remitly Global

In related news, CFO Vikas Mehta sold 25,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total transaction of $653,750.00. Following the completion of the transaction, the chief financial officer directly owned 943,735 shares of the company’s stock, valued at approximately $24,678,670.25. This trade represents a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Nigel Morris sold 20,000 shares of Remitly Global stock in a transaction on Monday, August 17th. The shares were sold at an average price of $26.26, for a total transaction of $525,200.00. Following the completion of the sale, the director owned 1,831,056 shares in the company, valued at approximately $48,083,530.56. This represents a 1.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 478,738 shares of company stock worth $11,874,000 in the last three months. Insiders own 6.53% of the company’s stock.

About Remitly Global

Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.

Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.