MELI - MercadoLibre Inc. (MELI) Q1 2024 Earnings Call Transcript
2024-05-03 14:00:10 ET
MercadoLibre, Inc. (MELI)
Q1 2024 Earnings Conference Call
May 02, 2024 05:00 PM ET
Company Participants
Richard Cathcart - Investor Relations Officer
Martin de los Santos - Chief Financial Officer
Osvaldo Gimenez - President-FinTech
Ariel Szarfsztejn - Executive Vice President, Commerce
Conference Call Participants
Andrew Ruben - Morgan Stanley
Bob Ford - Bank of America
Marcelo Santos - JPMorgan
Irma Sgarz - Goldman Sachs
Geoffrey Elliott - Autonomous
Neha Agarwala - HSBC
Maria Clara Infantozzi - Itau BBA
Marvin Fong - BTIG
Craig Maurer - FT Partners
Kaio Prato - UBS
Jamie Friedman - Susquehanna International Group
Presentation
Richard Cathcart
Hello, everyone, and welcome to the MercadoLibre Earnings Conference Call for the quarter ended March 31, 2024. Thank you for joining us. I'm Richard Cathcart, MercadoLibre's Investor Relations Officer.
Today, we will share our quarterly highlights on video, after which we will begin our live Q&A session with our management team.
Before we go on to discuss our results for the first quarter of 2024, I remind you that management may make or refer to and this present may contain forward-looking statements and non-GAAP measures. So please refer to the disclaimer on screen, which will also be available in our earnings materials on our Investor Relations website.
With that, let's begin with a summary of our results.
Martin de los Santos
Hello, everyone. I'm pleased to report another quarter of solid results with excellent operational and financial performance in Brazil and Mexico. Both countries posted GMV growth, approximately 30% year-on-year as we carry over a strong momentum from Q4. This above market growth is being driven by several factors, to improvement of user experience we minimized as a highlight, our strategic investment in chip infrastructure, which are driving faster growth in specific target regions and a well-executed marketing campaign that is leveraging on the awareness we generated in Q4 around peak season.
In addition, our advertising business continues to grow nicely and reached regular levels of GMV penetration in all of the markets where we operate. Mercado Pago also had a solid performance in Mexico and Brazil. Some of the highlights being the acquiring business growing at accelerated rate sequentially in both countries.\...
MercadoLibre, Inc. (MELI) Q1 2024 Earnings Call Transcript