Shares of Remitly Global (NASDAQ: RELY), the leading digital remittance platform, skyrocketed 18.48% in pre-market trading on October 31, 2024, after the company reported stunning third-quarter results that smashed Wall Street expectations. The stellar performance was driven by record customer growth, surging revenue, expanding margins, and raised full-year guidance.

For the quarter ended September 30, 2024, Remitly posted revenue of $336.53 million, up a blistering 39.3% year-over-year and comfortably beating analysts' estimates of $320.74 million. The top-line beat was fueled by a 35% year-over-year increase in active customers to 7.3 million, as well as higher transaction volume per customer. Even more impressively, Remitly reported a surprise profit of $0.01 per share, defying analysts' expectations of a $0.07 loss per share. The company's adjusted EBITDA of $46.7 million nearly doubled projections, reflecting the increasing scale and operating leverage in its digital model.

Remitly's co-founder and CEO, Matt Oppenheimer, highlighted the company's unique and sustainable growth strategy driven by its massive market opportunity, ability to serve distinct customer needs, and structural advantages as a digital business. He emphasized the company's focus on continuous innovation, expansion into new corridors and segments, and leveraging data-driven insights to enhance customer experiences and drive operational efficiency.

Buoyed by the blowout performance, Remitly raised its full-year 2024 revenue guidance to $1.25 billion - $1.254 billion, compared to previous estimates of $1.244 billion. Adjusted EBITDA guidance was also lifted significantly to $108 million - $112 million. The company's CFO, Vikas Mehta, expressed confidence in the business model's durability and ability to drive profitable growth, projecting a low- to mid-20s revenue growth rate for 2025.