Key Takeaways
- Shares of MercadoLibre set a record high on Friday morning on strong fourth-quarter earnings.
- Revenue came in slightly above estimates, while earnings per share came in more than $4 per share better than expected.
- Revenue grew 31% to 43% across the e-commerce platform’s key countries of Mexico, Brazil, and Argentina.
MercadoLibre (MELI) shares surged on Friday after the Latin American e-commerce giant’s fourth-quarter earnings came in well above expectations.
The company reported $6.06 billion in revenue for the fourth quarter, just above forecasts, while earnings per share of $12.61 blew past the $8.20 per share analysts had projected, according to estimates compiled by Visible Alpha.
Revenue surged across the company’s segments in Mexico, Brazil, and Argentina between 31% and 43% compared to the same time last year, as revenue across the entire company grew 37% year-over-year to a quarterly record, Mercado Libre said.
“Retention and frequency on our marketplace are at record levels, as are payments and deposits per user in our digital account, and the number of merchants borrowing from us is higher than ever,” the company said in its letter to shareholders.
Shares of the e-commerce company were recently up 8% after setting an intraday record of $2,374.54 earlier in the session.
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