Why MercadoLibre Stock Surged on Wednesday

Shares of MercadoLibre (NASDAQ: MELI) bucked the broader market downturn and charged sharply higher on Wednesday, surging as much as 12.2%. As of 12:28 p.m. ET today, the stock was still up 6.2%.

The catalyst that sent the tech giant higher was its quarterly financial report, which illustrated robust growth that was better than expected.

For the fourth quarter, MercadoLibre generated revenue of $2.1 billion, which climbed 74% year over year in local currencies. The results were driven by commerce revenue that grew 67%, while fintech revenue surged 81%. 

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Source Fool.com