Shares of MercadoLibre (MELI -3.45%) rose as much as 12.5% on Friday morning, boosted by a great earnings report. By 12:15 p.m. ET today, the Argentine e-commerce giant's stock had cooled down slightly to a 9.4% gain.

MercadoLibre's great Q4 numbers

Fourth-quarter revenue rose 37% year over year to $6.06 billion. The company's constant-currency sales soared 96%, backing out the effects of Argentina's ongoing inflation crisis.

Adjusted earnings nearly quadrupled from the year-ago period, landing at $12.61 per share. Your average Wall Street analyst would have settled for earnings near $8.05 per share on revenue of approximately $5.79 billion.

The company saw strong sales growth in every reportable segment and market, led by a currency-adjusted tripling of consolidated sales in Argentina and a 106% increase in the third-party marketplace known as its commerce segment.

Stellar results despite an economic crisis

MercadoLibre's stock is exploring fresh all-time highs again, breaking through a stubborn resistance around $2,100 per share. There's nothing special about that price, other than the psychological impact of a nice, round number. Now it's sniffing at the equally pleasing $2,300 level instead.

The stock trades at a lofty 61 times updated earnings, but it has earned that rich valuation with stellar growth despite an economic crisis in its domestic market. I can't wait to see how MercadoLibre's e-commerce platform will perform when the Argentine economy gets back on its feet.