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Latin American ecommerce and classifieds player MercadoLibre (Nasdaq:MELI) saw net income surge from $1.7 million U.S in the first quarter of 2015 (Q1 2015) to $30.2 million in Q1 this year, the company announced on Thursday, while releasing its quarterly results.

“The year has gotten off to a great start already coming off one of our strongest years ever,” the company’s Chief Financial Officer (CFO), Pedro Arnt, said.mercadoLibre-nuevo-logo

Despite the challenging economic scenario affecting several LatAm economies, including Brazil, which accounted for 49.1 percent of MercadoLibre’s total revenues in Q1, the company saw net revenues rise 6.4 percent in Q1, year-on-year, to $157.6 million. Excluding Venezuela, Latin America’s most volatile market, the company’s revenues increased 8.5 percent in USD and 56.9 percent in local currencies.

Net income margin declined in Q1 to 19.2 percent, from 21.6 percent in Q4.

As for classifieds, the company didn’t provide much details. “Classifieds revenues accelerated to 49 percent on an FX neutral basis, driven by continued momentum in our Argentine business,” said Arnt.

Advertising revenues, a stream that is still being pursued by LatAm verticals, seems to be paying off for the Nasdaq-listed player. “Advertising revenues rose 136 percent in local currencies, as the product ad format continues to gain traction and share of advertising revenues over traditional display formats,” the executive commented.

The company’s full results can be seen here.

Other materials, including the company’s Q1 earnings call, earnings script and presentation can be found here, here and here.

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