Remitly (RELY) on 5-Day Winning Streak on Q2 Blowout

We recently published 10 Hot Stocks Making Winning Look Easy. Remitly Global, Inc. (NASDAQ:RELY) is one of the best-performing stocks on Thursday.

Remitly extended its winning streak to a fifth consecutive session on Thursday, jumping 15.06 percent to close at $18.95 apiece after posting an impressive income performance in the second quarter of the year.

In its earnings statement, Remitly Global, Inc. (NASDAQ:RELY) said it swung to a net income of $6.5 million from a $12 million net loss in the same period last year. Revenues grew 34 percent to $411.8 million from $306 million in the same period last year.

Following the strong results, Remitly Global, Inc. (NASDAQ:RELY) raised its growth outlook for the rest of the year, with revenues now targeted at $1.61 billion to $1.62 billion, versus the $1.54 billion to $1.587 billion expected previously. The updated figures would mark a year-on-year growth of 27 to 28 percent versus the 25 to 26 percent prior.

Adjusted EBITDA was also expected at $225 million to $230 million, an improvement from the $195 million to $210 million targeted previously.

For the third quarter alone, Remitly Global, Inc. (NASDAQ:RELY) was targeting to grow its revenues by 22 to 23 percent to $411 million to $413 million; and adjusted EBITDA at $53 million to $55 million.