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Why Remitly Stock Plunged Today

TheMotleyFool

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Why Remitly Stock Plunged Today: https://g.foolcdn.com/editorial/images/753585/fintech-payment-app-hands-smartphone.jpg

Shares of Remitly Global (NASDAQ: RELY), the tech-centric remittance specialist, plunged today after the company posted mixed results in its earnings report. Although it beat revenue estimates, it missed on the bottom line, and revenue growth slowed from the previous quarter.

Also, shares have soared this year on a recovery in revenue growth, leading some to believe that the stock had become overbought heading into its earnings report.

The stock finished the day down 31.9% on the news.

Source Fool.com

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