Stock Story -
Online money transfer platform Remitly (NASDAQ:RELY) (NASDAQ:RELY) will be announcing earnings results tomorrow afternoon. Here's what to expect.
Last quarter Remitly reported revenues of $241.6 million, up 42.8% year on year, beating analyst revenue expectations by 1%. It was a very strong quarter for the company, with impressive growth in its user base and exceptional revenue growth. The company reported 5.4 million active buyers, up 42.1% year on year.
Is Remitly buy or sell heading into the earnings? Find out by reading the original article on StockStory.
This quarter analysts are expecting Remitly's revenue to grow 36.8% year on year to $261.4 million, slowing down from the 41.2% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.01 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company only missed Wall St's revenue estimates once over the last two years, and has on average exceeded top line expectations by 4.5%.
Looking at Remitly's peers in the consumer internet segment, some of them have already reported Q4 earnings results, giving us a hint of what we can expect. Pinterest (NYSE:PINS) reported revenues up 11.9% year on year, missing analyst estimates by 0.9%. Pinterest was down 21.4%.
Read the full analysis of Pinterest's results on StockStory.
There has been positive sentiment among investors in the consumer internet segment, with the stocks up on average 4.1% over the last month. Remitly is up 10% during the same time, and is heading into the earnings with analyst price target of $26.5, compared to share price of $18.2.
