MercadoLibre up, despite devaluation

08 Aug 2014

Despite having a $57.4 million loss as a result of a devaluation in the Venezuelan Bolívar, MercadoLibre (Nasdaq:MELI) posted strong second quarter (Q2) results.

According to the company’s earnings release, net revenue increased 17.5 percent, year over year, to $131.8 million. In local currencies, that growth rose by 65.9 percent. Brazil, Mercado’s biggest market, grew revenues by 33.8 percent

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Léo Siqueira

Léo Siqueira joined the AIM Group in 2014 as writer and analyst for Latin America. He is a multimedia journalist based in, but not limited to Campinas, Sao Paulo. Siqueira has been writing, reporting, and consulting for different news outlets and corporations in Brazil and in the US. Siqueira has worked for almost three years as a correspondent in Brazil with ICIS, the world’s largest information provider for the global petrochemical industry, and has been working with other global publishers, such as USA TODAY and Motorsport.com. His expertise includes general news coverage, online, print and multimedia journalism, and corporate communications as well. In this particular area, he has been working with international clients.