Why MercadoLibre Stock Rocketed Higher on Thursday

Even as the market began the day lower on Thursday, shares of MercadoLibre (NASDAQ: MELI) charged sharply higher, gaining as much as 21.8%. As of 10:34 a.m. ET, the stock was still up 15.9%.

The catalyst that sent online retail and fintech specialist higher was its quarterly financial report, which was much better than expected.

For the second quarter, MercadoLibre generated record revenue of $2.6 billion, up an impressive 57% year over year in local currencies. The results were fueled by e-commerce revenue that grew 23% and fintech revenue that surged 107%. The company also generated record operating income of $250 million, up 51%, resulting in quarterly net income of $123 million. This resulted in earnings per share (EPS) of $2.43, which soared 77%. 

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Source Fool.com