Yahoo Finance Remitly (RELY) Reports Earnings Tomorrow: What To Expect
Online money transfer platform Remitly (NASDAQ:RELY) will be announcing earnings results tomorrow after market hours. Here's what to expect.
Remitly beat analysts' revenue expectations by 1.3% last quarter, reporting revenues of $264.8 million, up 38.6% year on year. It was a very strong quarter for the company, with impressive growth in its buyers and exceptional revenue growth. The company reported 5.9 million active buyers, up 40.5% 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 34.5% year on year to $274.1 million, slowing from the 49.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.06 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Remitly has only missed Wall Street's revenue estimates once over the last two years, exceeding top-line expectations by 3.6% on average.
Looking at Remitly's peers in the consumer internet segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Teladoc delivered year-on-year revenue growth of 2.7%, beating analysts' expectations by 1.4%, and Snap reported revenues up 20.9%, topping estimates by 6.6%. Teladoc traded down 2.4% following the results while Snap was up 27.5%.
Read our full analysis of Teladoc's results here and Snap's results here.
Inflation fears have put pressure on growth stocks, and while some of the consumer internet stocks have fared somewhat better, they have not been spared, with share prices down 4.4% on average over the last month. Remitly is down 13.2% during the same time and is heading into earnings with an average analyst price target of $28.1 (compared to the current share price of $17.8).
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