11/14/08

MercadoLibre, the largest online commerce platform in Latin America, with divisions in Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay and Venezuela, announced Q3 2008 earnings this week. Net revenue was $40.3 million, a quarterly year over year revenue growth rate of 76.6 percent. Marketplace revenue grew 75 percent to $31.7 million from $18.1 million for the prior year third quarter. Payments revenues grew to $8.5 million, up 82.9 from last year.

As for gross profit, that grew 79.2 percent to $32.1 million from $17.9 million in the year before. Net income for the three-month period ended September 30, 2008 was $5.9 million, compared to $2.8 million during the same period of 2007, an increase of 110.9 percent.

The company reported that new confirmed registered users for the three month period ending in September stood at 3.9 million, for a total of 32 million users, an increase of 37.6 percent from the year before.

EBay has a 19.5 percent stake in MercadoLibre stemming from a 2001 deal where Mercado acquired EBay-owned iBazar Com Ltda.