3 Reasons MercadoLibre Stock Surged to New All-Time Highs On Its Q1 Results
MercadoLibre (NASDAQ: MELI) reported its first-quarter results after the market close on Tuesday, and despite headwinds as the result of the pandemic, the Latin American e-commerce powerhouse turned in another performance worthy of a standing ovation. After reviewing the numbers, Wall Street was happy to oblige, sending the stock soaring to record highs in the wake of its earnings report.
Net revenue grew to $652 million, up 38% year over year when translated to U.S. dollars, but up more than 70% in local currencies. Operating expenses grew even faster, up 51% year over year, the result of increased marketing spend to raise consumer awareness of its e-commerce platform. This resulted in a net loss of $21 million and a loss per share of $0.44.
Both top- and bottom-line numbers crushed expectations, but even that doesn't tell the whole story.
Source Fool.com
