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On May 1, 2024, Remitly announced 1Q24 financial results which missed analysts’ revenue and gross profits as its active customer count fell short. The Company blamed it on “seasonal dynamics” and reconfirmed its revenue guidance for the full year. Analysts commenting on Remitly’s missed revenue mention management’s continual ‘back half’ weighted story that new customers will ramp up in the second half is “running thin.”
Following this news, Remitly’s stock price fell by $2.14 per share, or approximately 12% to close at $15.40 per share.