MELI - Why MercadoLibre Gained 11% in August
2023-09-04 10:22:00 ET
Shares of MercadoLibre (NASDAQ: MELI) gained 11% in August, according to data provided by S&P Global Market Intelligence . It posted another excellent quarter with continued high growth.
MercadoLibre is a Latin American e-commerce and fintech giant that seems unstoppable. After several consecutive quarters of triple-digit revenue growth early in the pandemic, it has kept up high double-digit growth in the aftermath.
Revenue increased 57% year over year in the second quarter to $3.4 billion. Gross merchandise volume increased 47% over last year to $10.5 billion, an acceleration from previous quarters. Operating income more than doubled to $588 million, with a margin of 16.3%, and net income more than doubled from $123 million to $262 million.
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Why MercadoLibre Gained 11% in August