BUENOS AIRES, Argentina (AP) _ MercadoLibre SA (MELI) on Monday reported second-quarter earnings of $55.9 million.

The Buenos Aires, Argentina-based company said it had net income of $1.11 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.

The operator of an online marketplace and payments system in Latin America posted revenue of $878.4 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $790.8 million.

MercadoLibre shares have more than doubled since the beginning of the year. The stock has increased 74% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MELI at https://www.zacks.com/ap/MELI

Automated Insights, source Associated Press News