Even with this tremendous move, the stock is only back to its July highs. Full report here.
- Shares of MercadoLibre (MELI) rocketed more than 32% in late-morning trading Thursday after the South American e-commerce and payments provided shattered Wall Street views on an unexpected jump in regional e-commerce transactions.
- Buenos Aires, Argentina-based MercadoLibre, whose markets include Brazil, Venezuela and Mexico, said late Wednesday that Q3 earnings surged 40% from the year-earlier quarter to 60 cents a share, 40% higher than the 43 cents a share expected by analysts polled by Thomson Reuters. Sales soared 46% to $81.6 million. Analysts had expected $78.5 million.
- "MercadoLibre had an excellent third quarter, highlighting the importance of solid execution in driving our own results," CEO Marcos Galperin said in a statement. "Recent innovations on our platform combined with secular trends that continue to favor e-commerce in our region, generating strong growth throughout our marketplace, and our entire ecosystem."
- Gross merchandise volume soared 51.8% from Q3 2010 to $1.35 billion, while total payment volume rose 94.1% year-over-year to $368.5 million. Gross merchandise volume includes the total U.S. dollar value of all transactions completed through the MercadoLibre Marketplace, excluding motor vehicles, vessels, aircraft, real estate and services.
- The number of items sold on MercadoLibre in Q3 jumped 38.1% to 14.4 million, while total payments transactions through MercadoPago grew 103% to 3.9 million.
- The company didn't issue an outlook for the current quarter.