Shares of Remitly Global (NASDAQ: RELY), the leading digital remittance platform, skyrocketed nearly 30% on Monday after the company reported stellar third-quarter results that smashed expectations and raised its full-year guidance significantly.

For the quarter ended September 30, 2024, Remitly posted record revenue of $336.5 million, up a blistering 39.3% year-over-year, driven by robust growth in active customers and surging transaction volume. The company reported a surprise profit of $0.01 per share and record adjusted EBITDA of $46.7 million, with an adjusted EBITDA margin approaching 14%, reflecting the increasing scale and operating leverage in its digital model.

Remitly's strong performance was fueled by several key factors, including record new customer acquisitions, with active customers increasing 35% year-over-year to 7.3 million. The company continued to gain market share across existing corridors while expanding into new regions like sub-Saharan Africa and customer segments like seafarers. Send volume soared 42% to $14.5 billion, outpacing active customer growth and indicating higher transaction frequency.