MercadoLibre Inc (NASDAQ:MELI) shares are trading higher by 5.8% at $939.53 after the company reported better-than-expected fourth-quarter sales results.
MercadoLibre reported quarterly losses of 92 cents per share. The company reported quarterly sales of $2.10 billion which beat the analyst consensus estimate of $2.03 billion by 3%. This is a 58% increase over sales of $1.33 billion the same period last year.
Pedro Arnt, Chief Financial Officer of MercadoLibre, Inc., commented, "Last year presented us with challenges, and with those also came many more opportunities. With our teams' resilience and focus on delivering on our strategic objectives, we have been able to overcome shifting pandemic lockdown measures, rising inflationary cost pressures and a highly competitive environment in the digital commerce space.”
“The final outcome was a year with record results across the board, sustained strong growth in key business metrics and topline, and improving margins and operating income for a second consecutive year," Arnt stated.
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MercadoLibre runs the largest e-commerce marketplace in Latin America, connecting a network of more than 132 million active buyers and 1 million active sellers across its 18-country footprint.
MercadoLibre has a 52-week high of $1,970.13 and a 52-week low of $873.40.
