SAO PAULO (Reuters) – Latin America e-commerce giant MercadoLibre said on Thursday its net profit more than doubled in the second quarter from a year earlier, beating analysts estimates.
MercadoLibre, which operates a marketplace in 18 countries and also owns the fintech Mercado Pago, posted a $531 million net profit for the quarter ended in June, above the $432 million profit that analysts polled by LSEG expected.
MercadoLibre reported $5.1 billion in revenues, up 42% from a year earlier and above the $4.68 billion projected by analysts.
Its sales as measured by Gross Merchandise Value (GMV) rose 20% year-on-year, driven by a 36% jump in Brazil, the firm’s main market.
(Reporting by Andre Romani and Luciana Magalhaes; Editing by Brendan O’Boyle)
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