Angelica Ballesteros
1 min read
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Remitly Global, Inc. (NASDAQ:RELY) is one of the 10 Stocks Boast Whopping Gains Amid Market Downturn.
Remitly Global grew its share prices by 5.68 percent on Tuesday to close at $20.64 apiece following the US Senate’s move to loosen taxes on international money transfers, sparking optimism for increased digital remittances.
The taxes were among the points under scrutiny under the “One Big, Beautiful Bill Act,” which, based on the version of the House of Representatives, wanted to slap a 3.5-percent excise tax on remittances and would have imposed an additional burden on immigrants sending money back home.
A senior banker shaking hands with migrant customers in a corporate boardroom.
However, the Senate’s version eliminates remittance taxes funded from certain US accounts or with US-issued debit or credit cards. Senate’s exception only applies to US citizens and American bankers, among others.
In the first quarter of the year, Remitly Global, Inc. (NASDAQ:RELY) swung to a net income of $11.35 million from a net loss of $21 million in the same period a year earlier.
Revenues also increased by 34 percent to $361 million from the $269 million registered year-on-year.
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Disclosure: None. This article is originally published at Insider Monkey.
