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By Ben Glickman
Shares of Remitly Global sank after the company posted a wider-than-expected third-quarter loss.
The stock was down 22% to $21.46 in after-hours trading, following a 2.5% rise at Wednesday’s close.
The Seattle-based financial services provider for immigrants posted a loss of $35.7 million, or 20 cents a share, compared to a loss of $33.1 million, or 20 cents a share, a year earlier. Analysts polled by FactSet expected a loss of 16 cents a share.
Remitly said it still expected to register a loss in fiscal 2024. The company raised its full-year revenue outlook to $935 million to $943 million, compared with prior guidance of $915 million to $925 million.
The company’s revenue in the third quarter rose 43% to $241.6 million, surpassing the 239.2 million forecast by analysts, according to FactSet.
Write to Ben Glickman at [email protected]
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