Why MercadoLibre Stock Jumped on Friday

Even as the market turned sharply lower on Friday, shares of MercadoLibre (NASDAQ: MELI) charged higher, gaining as much as 8%. As of 2 p.m. ET, the stock was still up 3.7%.

The catalyst that sent the online retail and fintech specialist higher was its quarterly financial report, which showed its growth trajectory was intact and the results were far better than expected.

For the first quarter, MercadoLibre generated revenue of $2.2 billion, up an impressive 67% year over year in local currencies. The results were driven by e-commerce revenue that grew 44% and fintech revenue that surged 113%.

Source Fool.com