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What: Shares of MercadoLibre (NASDAQ:MELI) skyrocketed by upwards of 12% today after the Latin American e-commerce company reported earnings.
So what: Revenue for the first quarter came in at $102.7 million, easily beating the Street's $97.4 million forecast. That made up for the fact that adjusted earnings per share of $0.53 was slightly below consensus, which called for $0.54 per share. CEO Marcos Galperin said volume has been accelerating in both the marketplace and payments businesses.
Now what: Gross merchandise volume was up 30% to $1.6 billion, while total payments volume soared 62% to $532.1 million. Both of those figures are in local currencies. The number of items sold was up 21% to 18.1 million, with the number of payment transactions increasing 38% to 6.7 million. MercadoLibre generated $24 million in free cash flow during the quarter.
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