NASDAQ$RELY
Remitly Global Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Remitly's Q3 2023 results reflected continued strong execution and customer trust.
Remitly reported a strong third quarter with significant year-over-year growth in active customers, send volume, and revenue. The company is increasing its revenue and Adjusted EBITDA outlook for 2023.
- Active customers increased 42% year-over-year to 5.4 million.
- Send volume increased 36% year-over-year to $10.2 billion.
- Revenue increased 43% year-over-year to $241.6 million.
- Adjusted EBITDA was $10.5 million, compared to $(3.7) million in the same quarter last year.
Headline financials
Revenue & EPS history
Remit Global · Revenue · Quarterly
$242M
Forward guidance
For fiscal year 2023, Remitly expects total revenue in the range of $935 million to $943 million, representing a growth rate of 43% to 44% year over year. The company also expects Adjusted EBITDA to be in the range of $36 million to $41 million.
Tailwinds
- Total revenue is expected to be in the range of $935 million to $943 million, representing a growth rate of 43% to 44% year over year.
- The revenue outlook reflects an increase from the prior outlook of $915 million to $925 million.
- Adjusted EBITDA is expected to be in the range of $36 million to $41 million.
- The Adjusted EBITDA outlook reflects an increase from the prior outlook of $33 million to $40 million.
- Company is in a very strong position to deliver robust long term growth rates at compelling unit economics
Headwinds
- The company expects to remain in a GAAP net loss position for 2023.
- Variability of income taxes could have a significant impact on future GAAP financial results.
- Variability of stock-based compensation expense could have a significant impact on future GAAP financial results.
- Macroeconomic conditions could affect customers and business operations.
- Geopolitical forces, such as the conflict in Israel, could affect customers and business operations.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2023
+2.1%
Avg return
Earnings day
-0.3%
Avg return
5 days after
-2.4%
Avg return
30 days after
52%
12 / 23 earnings
Positive
+25.7%
Q4 2025
Best reaction
-30.2%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -4.1% | +0.5% | -20.9% | |
| Q4 2025 | +25.7% | +19.0% | +12.8% | |
| Q3 2025 | -3.1% | -0.6% | -16.8% | |
| Q1 2025 | +14.5% | +14.8% | +2.1% | |
| Q4 2024 | -0.5% | -7.3% | -21.5% | |
| Q3 2024 | +20.6% | +27.0% | +37.9% | |
| Q2 2024 | +1.5% | -2.8% | +0.8% | |
| Q1 2024 | -13.6% | -13.6% | -27.1% | |
| Q4 2023 | +15.9% | +16.8% | +15.4% | |
| Q3 2023 | -30.2% | -26.7% | -22.3% | |
| Q2 2023 | +12.0% | +11.8% | +29.0% | |
| Q1 2023 | +8.0% | +7.4% | +13.3% | |
| Q4 2022 | +23.2% | +20.9% | +46.0% | |
| Q3 2022 | -12.5% | -18.5% | -10.2% | |
| Q2 2021 | +1.6% | +3.7% | +2.3% | |
| Q2 2022 | +14.8% | +9.3% | +3.7% | |
| Q1 2021 | +21.7% | +28.2% | +28.0% | |
| Q1 2022 | -29.1% | -37.5% | +5.4% | |
| Q4 2019 | +1.5% | +3.7% | +11.2% | |
| Q4 2021 | -1.3% | -20.0% | -25.7% | |
| Q3 2020 | -0.6% | -12.5% | -36.0% | |
| Q4 2020 | -0.6% | -12.5% | -36.0% | |
| Q3 2021 | -17.9% | -18.3% | -47.5% | |
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