Remitly Global Stock Was Soaring This Week: Here's Why

Shares of Remitly Global (NASDAQ: RELY) popped over 20% this week, according to data from S&P Global Market Intelligence. The remittance company that is trying to disrupt legacy players posted strong and accelerating revenue growth in the second quarter, driven by new user sign-ups. Shares are now up 33% in the past month, but still down 60% from its IPO back in 2021.Here's why Remitly stock was running higher this week.In the third quarter of 2024, Remitly's revenue grew 39% year over year to $336.5 million, an acceleration from 31% growth last quarter. This was driven by a 42% increase in spending volume across the Remitly platform. Remitly earns revenue by taking a cut of every transaction.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool