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MercadoLibre Surpasses Q2 Estimates with $5.07B Revenue and $10.48 EPS

Aug 1, 2024, 08:19 PM

MercadoLibre, the Latin American e-commerce and payments giant, reported strong earnings for the second quarter of 2024, significantly surpassing analyst expectations. The company posted a net profit of $531 million, more than doubling from the same period last year. Revenue for the quarter reached $5.07 billion, up 42% year-over-year and 113% on a foreign exchange-neutral basis. Key performance metrics included a gross merchandise volume (GMV) increase of 83% FX-neutral, revenue growth in commerce by 53%, and fintech services by 130%. MercadoLibre's earnings per share (EPS) came in at $10.48, beating the estimated $8.72 by $1.89. The company also beat revenue estimates by $310 million. The company's stock responded positively, rising over $200 points and more than 11% in after-hours trading. The growth was driven primarily by strong performance in Brazil and Mexico, with improving trends in Argentina.