MercadoLibre Q1 earnings up 46% to US$14.1mn

Friday, May 6, 2011

Latin American e-commerce company MercadoLibre (Nasdaq: MELI) posted net income of US$14.1mn for 1Q11, surging 46% compared with same period in 2010, according to financial results released by the company.

Net revenues came in at US$61.5mn representing 33.8% year-over-year growth.

As in previous years, Brazil reported the highest revenues among MercadoLibre's markets, at US$34.7mn for the quarter, up from US$26.3mn a year ago. Argentina followed with US$10.5mn, up from US$8.3mn during 1Q10.

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Total items sold in 1Q11 grew 30.7% to 10.9mn, while total payments transactions through MercadoPago jumped 149% to 2.6mn when compared with 1Q10.

According to MercadoLibre, its revenue growth was negatively impacted by the presale of credit card receivables that began during 3Q10.

Founded in 1999, MercadoLibre is a regional e-commerce technology company. Through its primary platforms, and, it provides solutions to individuals and companies buying, selling, advertising and paying for goods online.

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