Remitly Global Inc. (NASDAQ: RELY), a leading digital remittance provider, saw its shares surge over 8% in premarket trading on Thursday, November 1st, 2024. The company's impressive third-quarter 2024 earnings report, released earlier in the day, appears to be driving the significant stock price movement.

The financial technology company reported a remarkable 39% year-over-year increase in revenue, reaching $336.5 million for the quarter. This figure exceeded analyst expectations by a solid 5%. Importantly, Remitly Global also achieved profitability, reporting a net income of $1.92 million, a significant turnaround from the $35.7 million net loss in the same quarter last year. The company's earnings per share of $0.01 also surpassed analyst projections.

Investors appear to be responding positively to Remitly Global's strong financial performance and growth outlook. According to the company's projections, revenue is expected to grow by an impressive 21% annually, on average, over the next three years. This growth forecast outpaces the 4.7% growth projected for the diversified financial industry in the United States.