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Latin American e-commerce company MercadoLibre Inc (NASDAQ:MELI) reported third-quarter financial results on Wednesday after market close.
• MELI shares are experiencing downward pressure. See what is happening here.
Here are the key highlights.
Q3 Results: MercadoLibre reported third-quarter revenue of $7.41 billion, up 39% year-over-year. The revenue beat a Street consensus estimate of $7.22 billion, according to data from Benzinga Pro.
The company reported quarterly earnings per share of $8.32, missing a Street consensus estimate of $9.68 per share.
This marked the 27th straight quarter of year-over-year revenue growth of 30% or more for the company.
"During this seven-year period, market share and NPS data show that we have significantly strengthened our competitive position across our businesses, while margins and cash flow have improved markedly," the company said.
In the third quarter, the company saw total payment volume of $71.2 billion, up 41% year-over-year and gross merchandise volume of $16.5 billion, up 28% year-over-year.
Here is a look at segment and regional revenue growth on a year-over-year for the third quarter:
The company said unique buyers in Brazil were up 29% year-over-year, the fastest growth pace since the first quarter of fiscal 2021.
Growth in Argentina was said to be "resilient" in the third quarter, given a tough macro backdrop. Sold items were up 34% year-over-year in the region for the quarter.
Read Also: Argentine Stocks Are Soaring To Start The Week: What’s Going On?
What's Next: The company is expanding operations in segments like advertising and loyalty, hoping to capture additional revenue from the increased amount of time Latin American residents are spending online.
"We see ourselves as exceptionally well-positioned to accelerate financial inclusion and ecommerce penetration across Latin America, and are committed to investing to achieve this," the company said.
MercadoLibre said it is in the "early stages of realizing" its full potential with low e-commerce penetration in Latin America.
"We are confident in our ability to execute on these growth opportunities and we remain committed to doing so in a disciplined manner. This ensures that the best is yet to come."
MELI Price Action: MercadoLibre stock is down 1.22% to $2,268 in after-hours trading on Wednesday versus a 52-week trading range of $1,646 to $2,645.22.
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Photo: Shutterstock
Posted In: MELI
