Revenue at MercadoLibre (Nasdaq:MELI), a Montevideo, Uruguay-headquartered e-commerce and classifieds company operating in several Latin American countries, reached $3.0 billion U.S. in Q1 2023.

This represented 58.4% year-on-year (y-o-y) growth on an FX-neutral basis and 35.0% y-o-y growth in US-dollar-denominated terms.

Brazil remained by far the company’s largest market in Q1, with revenue of $1.6 billion, followed by Argentina ($721 million) and Mexico ($591 million). Revenue for other countries totaled $146 million.

Gross profit stood at $1.5 billion in Q1 2023, up from $1.0 billion in the year-earlier period. The company reported net income of $201 million for the quarter, up 209% y-o-y.

“We continue to believe that there are attractive growth opportunities in front of us, with many new products still to develop. The recent announcement that we will hire an additional 1,700 engineers in 2023, on top of almost 14,000 already working at MercadoLibre at the end of 2022, is testament to that,” the company said in a statement.

MercadoLibre’s classified business is part of its commerce business unit, which includes revenues from core marketplace fees, shipping fees, first-party sales, ad sales, classified fees, as well as other ancillary services. Fintech is the company’s other key business unit.

The company’s full results can be seen here.

Related Articles