Uruguay-headquartered MercadoLibre (Nasdaq: Meli), an e-commerce and classifieds company operating in 18 Latin American companies, has posted strong results for Q4 2023.

The company saw net revenue grow by 41.9% year on year (y-o-y) (83.2% on an FX-neutral basis) to $4.3 billion U.S. during the quarter.

Commerce revenue rose by 48% y-o-y, while fintech revenue was up 34%. Mexico and Brazil were among the company’s best-performing markets in Q4, with revenue rising by 51% and 46% respectively.

Gross merchandise volume increased by 39.9% y-o-y (79.5% on an FX-neutral basis) to $13.5 billion in Q4. Total payment volume rose by 57.2% (153% on an FX-neutral basis) to $56.5 billion.

Gross profit in Q4 2023 rose by just over a third (34.1%) y-o-y to $2.0 billion. The company said that its user base expanded from 97 million unique users in Q4 2022 to 145 million unique users in Q4 2023.

MercadoLibre said net income stood at $165 million in Q4 2023 on a reported basis and $383 million excluding one-off items due to FX losses — the bulk of which related to repatriation of funds in Argentina. The latter figure represented y-o-y growth of 166%.

The company’s Q4 2023 results can be read in full here.

Source: Mercado Libre

Related Articles