MercadoLibre's Hot Growth Streak Helps Stock Hit Record Highs

Shareholders of MercadoLibre (NASDAQ: MELI) had high expectations going into its second-quarter financial report, as the stock has soared more than 100% so far in 2019. They were not disappointed, bidding the e-commerce platform's stock up nearly 12% on Thursday in the wake of the previous day's earnings report.

MercadoLibre reported net revenue of $545 million, up 63% year over year. That's an acceleration from the 48% growth in Q1, which marked its fastest growth rate in more than two years. Even more incredibly, growth soared more than 102% in local currencies, which was also a sequential increase from 93%. Revenue easily topped analysts' consensus estimate of $504.8 million. 

Net income grew to $16.2 million, far better than the $11.2 million loss MercadoLibre generated in the prior-year quarter. This resulted in earnings per share of $0.31, up from a loss of $0.25 in the year-ago quarter, and topping expectations of $0.25.

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