Remitly (US:RELY) ZACKSยท2024-07-31 23:10Core Insights - Remitly Global, Inc. reported a quarterly loss of $0.06 per share, better than the Zacks Consensus Estimate of a loss of $0.10, and an improvement from a loss of $0.11 per share a year ago, resulting in a 40% earnings surprise [1] - The company achieved revenues of $306.42 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 1.56% and showing a year-over-year increase from $234.03 million [2] - Remitly Global shares have declined approximately 30.3% year-to-date, contrasting with a 14% gain in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.10 on revenues of $320.69 million, and for the current fiscal year, it is -$0.38 on revenues of $1.24 billion [7] - The estimate revisions trend for Remitly Global is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Financial Transaction Services industry, to which Remitly Global belongs, is currently in the top 40% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]