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What's happening?
Shares of MercadoLibre (NASDAQ:MELI) are trading over 20% higher today after the Latin American e-commerce company reported excellent results for the third quarter following Thursday's closing bell.

Why it's happening
MercadoLibre's third-quarter revenue  came in 20% higher than the year-ago quarter at $147.9 million, and its earnings of $0.76 per share were 15% higher than last year's $0.66 result. Both top and bottom lines blew past Wall Street's consensus, which had called for just $131 million in revenue and $0.65 in EPS.

Currency fluctuations complicated MercadoLibre's final results, as the company noted a 79% year-over-year improvement in gross merchandise volume in local currencies, which resulted in 89% year-over-year growth in revenue in local currencies. Venezuela has been in full-on hyperinflationary mode lately, as its year-over-year growth rate leapt from 92% a year ago to 220% in the third quarter based on stable exchange rates. However, MercadoLibre's item sales were up only 22% year-over-year, in line with the company's dollar-denominated top-line results.

Alex Planes has no position in any stocks mentioned. The Motley Fool recommends MercadoLibre. The Motley Fool owns shares of MercadoLibre. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.