Why MercadoLibre Stock Plunged Today

Shares of MercadoLibre (NASDAQ: MELI) have plunged today, down by 8% as of 12:20 p.m. EDT, after the company reported second-quarter earnings. The results topped expectations, but investors may have been pricing in an even stronger performance following the stock's recent rally to all-time highs.

Revenue in the second quarter soared by 61% to $878.4 million, crushing the consensus estimate of $749.2 million in sales. That translated into net income of $55.9 million, or $1.11 per share. Analysts were expecting the Latin American e-commerce technology company to report a net loss per share of $0.05.

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Source Fool.com