MercadoLibre Posts Profit In Q3; Stock Up

(RTTNews) - MercadoLibre Inc. (MELI) reported third-quarter net income of $15.04 million or $0.28 per share, compared to a loss of $146.08 million or $2.96 per share in the previous year.

MELI closed Wednesday's regular trading at $1,315.69, up $99.83 or 8.21 percent. In the after-hours trade, the stock further gained $25.11 or 1.91 percent.

Quarterly net revenues were $1.12 billion, a year-over-year increase of 85.0% in USD and 148.5% on an FX neutral basis. Commerce revenues increased 109.3% year-over-year in USD reaching $724.5 million, while Fintech revenues increased 52.3% year-over-year in USD reaching $391.2 million.

Analysts polled by Thomson Reuters expected the company to report a profit of $0.17 per share and revenues of $972.31 million. Analysts' estimates typically exclude special items.

Total payment volume through Mercado Pago reached $14.5 billion, a year-over-year increase of 91.7% in USD and 161.2% on an FX neutral basis. Total payment transactions increased 146.6% year-over-year, totaling 559.7 million transactions for the quarter.

Gross merchandise volume reached $5.9 billion, representing an increase of 62.1% in USD and 117.1% on an FX neutral basis.