Remitly Global, Inc. (NASDAQ: RELY) saw its stock price plummet 11.19% in a 24-hour period ending Wednesday, despite reporting better-than-expected third-quarter results. The sharp decline suggests investors may be focusing on the company's future outlook rather than its recent performance.

The digital financial services provider for immigrants and their families posted impressive Q3 results, with earnings per share of $0.04, beating analyst estimates of $0.03. Revenue for the quarter came in at $419.494 million, surpassing the consensus estimate of $413.632 million and representing a 24.65% increase year-over-year. Additionally, the company's adjusted EBITDA reached $61.2 million, significantly higher than the expected $54.2 million.

However, the stock's decline indicates that investors may be concerned about Remitly's future prospects. The company provided guidance for the fourth quarter, projecting total revenue between $426 million and $428 million, which appears to have fallen short of market expectations. For the full year, Remitly expects revenue in the range of $1,610 million to $1,620 million. The lower-than-anticipated guidance, coupled with potential concerns about increased competition in the global remittance market, likely contributed to the sell-off despite the strong Q3 performance.