MercadoLibre Stock Moves Lower After Mixed Q3 Results

MercadoLibre Inc (NASDAQ:MELI) reported financial results after the closing bell on Wednesday. Here’s what you need to know from the report.

• MercadoLibre stock is taking a hit today. What’s weighing on MELI shares?

MercadoLibre Q3 Results

• Q3 Revenue: $10.75 billion, versus estimates of $10.66 billion
• Q3 EPS: $8.83, versus estimates of $9.27

Total revenue increased 45% on a year-over-year basis, with Brazil continuing to deliver the strongest performance. Commerce revenue climbed 41% year-over-year and fintech revenue was up 40% year-over-year.

MercadoLibre said the key metrics it watches beyond headline growth all improved. It gained market share in its three largest markets, buyers purchased more frequently and fintech users transacted and saved more. Users who both shop and bank on its platform were its fastest-growing group.

“E-commerce penetration in Latin America is rising at the fastest pace since 2020, and at twice the pace of 2019 in percentage points added each year. This is a critical moment in the market’s development, and the engagement we capture now will define our scale and our leadership for years to come,” the company said in a letter to shareholders.

MELI Shares Sink After Earnings

MercadoLibre shares were down 7.23% in Wednesday’s after-hours session, trading at $1,614.03 at the time of publication, according to Benzinga Pro.

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