Net Revenues of
Income from operations of
MONTEVIDEO, Uruguay,
To our Shareholders
Commerce
We are particularly pleased with the performance of our Commerce business in Q1’23. Growth in items sold accelerated to almost 16% year-on-year (from 11% in Q4’22), contributing to FX-neutral GMV growth of 43% year-on-year (vs. 35% in Q4’22). Our three largest geographic segments -
Brazil’s momentum continued to strengthen from an already solid base, with FX-neutral GMV growth accelerating to 28% year-on-year in Q1’23 from 22% in Q4’22. Growth was broad-based across most categories, and the acceleration was driven primarily by higher growth of items sold. The number of successful sellers rose by 23% year-on-year, well ahead of the
Argentina’s FX-neutral GMV growth hit 107% year-on-year, albeit with much of that growth driven by inflation; that said, there was also a reversal of last year’s weakening trend in items sold growth, with a year-on-year expansion of 3% in Q1’23 after a contraction of 1% in Q4’22. This reflects the strength of our brand and value proposition despite an extremely challenging consumer environment. We have also seen improving trends in
Growth in our first party (1P) business reached a turning point in Q1’23, with FX-neutral GMV growth accelerating to 28% year-on-year from 8% in Q4’22. The adjustments made over the last few quarters aimed at strengthening our execution in 1P, particularly in certain key categories, are helping to put the business on a solid footing with higher gross margin, faster inventory turn and wider use of automatic pricing. That said, we have more work to do to continue to evolve the business so that we achieve the operational and financial targets that we have set for 1P - particularly in
Our advertising business continues to grow rapidly across geographies, with revenue as a percentage of GMV reaching 1.4% in Q1’23. This is up 30bps year-on-year on a much higher GMV base, which shows that Ads revenue growth - which remained consistent with prior quarters at 62% year-on-year in US dollars - continues to significantly outpace GMV growth. Deployment of technology remains a key driver of the business’ expansion, and we are pleased to have launched the first version of our Ads Console in a test phase in Q1’23. Over time, this technology will help us to compete for marketing dollars that have historically been difficult for us to access, and it will help us to strengthen areas of the business that are already most advanced. More information on Mercado Ads’ products and tech stack is available in the video that accompanies our Q1’23 earnings materials.
Fintech
In our Fintech business, TPV grew at 96% on an FX-neutral basis (46% in US dollars), reaching
Our Acquiring business is performing well across the region. In
Digital Account TPV - which includes Wallet payments, peer-to-peer transfers within the ecosystem and transactions using
Following major product investments and launches in 2021 and 2022, in Q1’23 we took an important step in the positioning of
Mercado Pago’s credit business delivered another solid performance in Q1’23. The portfolio of
Consolidated Results
On the back of the solid operational performance detailed above,
All of our geographic segments delivered major improvements in direct contribution, with
Net income reached
Looking Ahead
After a good start to 2023, we remain focused on continuing to execute well through the rest of the year. We are pleased to see how many of our businesses are contributing to our sustained margin expansion. The business has good momentum as we look to the remainder of 2023, and further ahead. 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
The following table summarizes certain key performance metrics for the three-month periods ended March 31, 2023 and 2022.
Three Months Ended | |||||
(in millions)(*) | 2023 | 2022 | |||
Unique active users | 101 | 81 | |||
Gross merchandise volume | $ | 9,434 | $ | 7,665 | |
Number of successful items sold | 309 | 267 | |||
Number of successful items shipped | 302 | 254 | |||
Total payment volume | $ | 36,986 | $ | 25,319 | |
Total volume of payments on marketplace (**) | $ | 9,950 | $ | 8,071 | |
Total payment transactions | 1,875 | 1,091 | |||
Capital expenditures | $ | 89 | $ | 137 | |
Depreciation and amortization | $ | 126 | $ | 84 |
(*) Figures have been calculated using rounded amounts. Growth calculations based on this table may not total due to rounding.
(**) As from
Year-over-year USD Revenue Growth Rates by Quarter
Consolidated Net Revenues | Q1’22 | Q2’22 | Q3’22 | Q4’22 | Q1’23 | |||||||||
63 | % | 53 | % | 35 | % | 36 | % | 26 | % | |||||
74 | % | 62 | % | 72 | % | 50 | % | 39 | % | |||||
58 | % | 65 | % | 60 | % | 55 | % | 62 | % | |||||
Commerce | 40 | % | 23 | % | 20 | % | 22 | % | 31 | % | ||||
Fintech | 108 | % | 113 | % | 94 | % | 73 | % | 40 | % |
Gross Merchandise Volume | Q1’22 | Q2’22 | Q3’22 | Q4’22 | Q1’23 | |||||||||
29 | % | 28 | % | 20 | % | 29 | % | 29 | % | |||||
43 | % | 33 | % | 35 | % | 13 | % | 15 | % | |||||
20 | % | 30 | % | 22 | % | 35 | % | 41 | % |
Total Payment Volume | Q1’22 | Q2’22 | Q3’22 | Q4’22 | Q1’23 | |||||||||
On-Platform | 26 | % | 25 | % | 22 | % | 23 | % | 23 | % | ||||
Off-Platform | 103 | % | 105 | % | 71 | % | 58 | % | 57 | % |
Year-over-year Local Currency Revenue Growth Rates by Quarter
Consolidated Net Revenues | Q1’22 | Q2’22 | Q3’22 | Q4’22 | Q1’23 | |||||||||
55 | % | 42 | % | 35 | % | 28 | % | 26 | % | |||||
110 | % | 104 | % | 140 | % | 143 | % | 151 | % | |||||
59 | % | 66 | % | 62 | % | 46 | % | 48 | % | |||||
Commerce | 44 | % | 23 | % | 33 | % | 36 | % | 54 | % | ||||
Fintech | 113 | % | 107 | % | 115 | % | 93 | % | 64 | % |
Gross Merchandise Volume | Q1’22 | Q2’22 | Q3’22 | Q4’22 | Q1’23 | |||||||||
23 | % | 19 | % | 20 | % | 22 | % | 28 | % | |||||
73 | % | 66 | % | 87 | % | 83 | % | 107 | % | |||||
21 | % | 30 | % | 23 | % | 28 | % | 28 | % |
Total Payment Volume | Q1’22 | Q2’22 | Q3’22 | Q4’22 | Q1’23 | |||||||||
On-Platform | 48 | % | 42 | % | 39 | % | 44 | % | 48 | % | ||||
Off-Platform | 139 | % | 135 | % | 122 | % | 121 | % | 121 | % |
Conference Call and Webcast
The Company will host an earnings video as well as a conference call and audio webcast for any questions that investors may have on
In order to access our video webcast and the live audio, investors, analysts and the market in general, may access the following link at https://edge.media-server.com/mmc/p/ogsgojxj and register to attend the live event.
To participate in our conference call, investors, analysts and the market in general may access the following link at https://register.vevent.com/register/BIe22ce8ca380645a2aa57f7d54d3e4a61 to be provided with the dial-in number and personal pin code to join the conference call.
Access to our video webcast and the live audio will be available in the investor relations section of the Company’s website, at http://investor.mercadolibre.com. An archive of the webcast will be available for one week following the conclusion of the conference call.
Definition of Selected Operational Metrics
Unique Active User – New or existing user who performed at least one of the following actions during the reported period: (1) made one purchase, or reservation, or asked one question on
Unique Fintech User – Users who engage in at least one of the following services within the quarter: wallet payments online, in app or in store; transfers; withdrawals; consumer or merchant credit borrowers; card users; fintech sellers; and fintech active products such as asset management and insurtech users.
Foreign Exchange (“FX”) Neutral – Calculated by using the average monthly exchange rate of each month of 2022 and applying it to the corresponding months in the current year, so as to calculate what the results would have been had exchange rates remained constant. Intercompany allocations are excluded from this calculation. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations.
Gross merchandise volume – Measure of the total
Total payment transactions – Measure of the number of all transactions paid for using
Total volume of payments on marketplace – Measure of the total
Total payment volume – Measure of total
MPOS – Mobile point-of-sale is a dedicated wireless device that performs the functions of a cash register or electronic point-of-sale terminal wirelessly.
Commerce – Revenues from core marketplace fees, shipping fees, first-party sales, ad sales, classified fees and other ancillary services.
Fintech – Revenues includes fees from off-platform transactions, financing fees, interest earned from merchant and consumer credits and sale of MPOS.
Successful items sold – Measure of the number of items that were sold/purchased through the
Successful items shipped – Measure of the number of items that were shipped through our shipping service.
G&A - General and administrative expenses
Local Currency Growth Rates – Refer to FX Neutral definition.
Net income margin – Defined as net income as a percentage of net revenues.
Operating margin – Defined as income from operations as a percentage of net revenues.
Interest Margins After Losses (IMAL) – IMAL is the spread between credit revenues and the expenses associated with provisions for doubtful accounts, and usually expressed as a percentage of the outstanding portfolio.
Non-performing loan (NPL) ratio - Shows the percentage of the loan portfolio that is not being paid on-time.
About
Founded in 1999,
The Company is listed on NASDAQ (Nasdaq: MELI) following its initial public offering in 2007.
For more information about the Company visit: http://investor.mercadolibre.com.
The
Forward-Looking Statements
Any statements herein regarding
(In millions of
2023 | 2022 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 2,143 | $ | 1,910 | |||
Restricted cash and cash equivalents | 1,381 | 1,453 | |||||
Short-term investments ( | 2,479 | 2,339 | |||||
Accounts receivable, net | 132 | 130 | |||||
Credit card receivables and other means of payments, net | 2,799 | 2,946 | |||||
Loans receivable, net of allowances of | 1,877 | 1,704 | |||||
Prepaid expenses | 45 | 38 | |||||
Inventories | 199 | 152 | |||||
Customer crypto-assets safeguarding assets | 19 | 15 | |||||
Other assets | 262 | 266 | |||||
Total current assets | 11,336 | 10,953 | |||||
Non-current assets: | |||||||
Long-term investments | 278 | 322 | |||||
Loans receivable, net of allowances of $25 and | 31 | 32 | |||||
Property and equipment, net | 1,036 | 993 | |||||
Operating lease right-of-use assets | 697 | 656 | |||||
160 | 153 | ||||||
Intangible assets, net | 24 | 25 | |||||
Deferred tax assets | 357 | 346 | |||||
Other assets | 282 | 256 | |||||
Total non-current assets | 2,865 | 2,783 | |||||
Total assets | $ | 14,201 | $ | 13,736 | |||
Liabilities | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 1,597 | $ | 1,393 | |||
Funds payable to customers | 3,253 | 3,454 | |||||
Amounts payable due to credit and debit card transactions | 547 | 483 | |||||
Salaries and social security payable | 425 | 401 | |||||
Taxes payable | 363 | 414 | |||||
Loans payable and other financial liabilities | 2,332 | 2,131 | |||||
Operating lease liabilities | 159 | 142 | |||||
Customer crypto-assets safeguarding liabilities | 19 | 15 | |||||
Other liabilities | 132 | 129 | |||||
Total current liabilities | 8,827 | 8,562 | |||||
Non-current liabilities: | |||||||
Amounts payable due to credit and debit card transactions | 7 | 5 | |||||
Loans payable and other financial liabilities | 2,500 | 2,627 | |||||
Operating lease liabilities | 529 | 514 | |||||
Deferred tax liabilities | 117 | 106 | |||||
Other liabilities | 181 | 95 | |||||
Total non-current liabilities | 3,334 | 3,347 | |||||
Total liabilities | $ | 12,161 | $ | 11,909 | |||
Commitments and contingencies | |||||||
Equity | |||||||
Common stock, | $ | — | $ | — | |||
Additional paid-in capital | 2,309 | 2,309 | |||||
(992 | ) | (931 | ) | ||||
Retained earnings | 1,114 | 913 | |||||
Accumulated other comprehensive loss | (391 | ) | (464 | ) | |||
Total Equity | 2,040 | 1,827 | |||||
Total Liabilities and Equity | $ | 14,201 | $ | 13,736 |
Interim Condensed Consolidated Statements of Income
For the three-month periods ended
(In millions of
Three Months Ended | |||||||
2023 | 2022 | ||||||
Net service revenues | $ | 2,763 | $ | 1,997 | |||
Net product revenues | 274 | 251 | |||||
Net revenues | 3,037 | 2,248 | |||||
Cost of net revenues | (1,501 | ) | (1,175 | ) | |||
Gross profit | 1,536 | 1,073 | |||||
Operating expenses: | |||||||
Product and technology development | (381 | ) | (234 | ) | |||
Sales and marketing | (383 | ) | (286 | ) | |||
Provision for doubtful accounts | (252 | ) | (255 | ) | |||
General and administrative | (180 | ) | (159 | ) | |||
Total operating expenses | (1,196 | ) | (934 | ) | |||
Income from operations | 340 | 139 | |||||
Other income (expenses): | |||||||
Interest income and other financial gains | 161 | 31 | |||||
Interest expense and other financial losses | (94 | ) | (56 | ) | |||
Foreign currency losses, net | (87 | ) | (3 | ) | |||
Net income before income tax expense and equity in earnings of unconsolidated entity | 320 | 111 | |||||
Income tax expense | (122 | ) | (46 | ) | |||
Equity in earnings of unconsolidated entity | 3 | — | |||||
Net income | $ | 201 | $ | 65 |
Three Months Ended | |||||
2023 | 2022 | ||||
Basic earning per share | |||||
Basic net income | |||||
Available to shareholders per common share | $ | 4.01 | $ | 1.30 | |
Weighted average of outstanding common shares | 50,245,073 | 50,408,754 | |||
Diluted earning per share | |||||
Diluted net income | |||||
Available to shareholders per common share | $ | 3.97 | $ | 1.30 | |
Weighted average of outstanding common shares | 51,235,341 | 50,408,754 |
Interim Condensed Consolidated Statements of Cash Flows
For the three-month periods ended
2023 | 2022 | ||||||
Cash flows from operations: | |||||||
Net income | $ | 201 | $ | 65 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Equity in earnings of unconsolidated entity | (3 | ) | — | ||||
Unrealized foreign currency losses, net | 117 | 30 | |||||
Impairment of digital assets | — | 2 | |||||
Depreciation and amortization | 126 | 84 | |||||
Accrued interest income | (72 | ) | (24 | ) | |||
Non cash interest expense, convertible notes amortization of debt discount and amortization of debt issuance costs and other charges | 52 | 40 | |||||
Provision for doubtful accounts | 252 | 255 | |||||
Results on derivative instruments | 11 | 37 | |||||
Long term retention program (“LTRP”) accrued compensation | 47 | 30 | |||||
Deferred income taxes | 8 | (24 | ) | ||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (12 | ) | (71 | ) | |||
Credit card receivables and other means of payments | 165 | (447 | ) | ||||
Prepaid expenses | (6 | ) | (35 | ) | |||
Inventories | (39 | ) | 38 | ||||
Other assets | (10 | ) | (30 | ) | |||
Payables and accrued expenses | 107 | (148 | ) | ||||
Funds payable to customers | (242 | ) | (89 | ) | |||
Amounts payable due to credit and debit card transactions | 63 | 28 | |||||
Other liabilities | 39 | — | |||||
Interest received from investments | 55 | 26 | |||||
Net cash provided by (used in) operating activities | 859 | (233 | ) | ||||
Cash flows from investing activities: | |||||||
Purchases of investments | (5,124 | ) | (2,903 | ) | |||
Proceeds from sale and maturity of investments | 5,104 | 2,425 | |||||
Payments from settlements of derivative instruments | (8 | ) | (2 | ) | |||
Changes in principal loans receivable, net | (421 | ) | (607 | ) | |||
Investments of property and equipment | (89 | ) | (137 | ) | |||
Net cash used in investing activities | (538 | ) | (1,224 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from loans payable and other financial liabilities | 5,977 | 3,324 | |||||
Payments on loans payable and other financing liabilities | (6,022 | ) | (3,129 | ) | |||
Payments of finance lease obligations | (6 | ) | (4 | ) | |||
Common Stock repurchased | (61 | ) | (39 | ) | |||
Net cash (used in) provided by financing activities | (112 | ) | 152 | ||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents | (48 | ) | 71 | ||||
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents | 161 | (1,234 | ) | ||||
Cash, cash equivalents, restricted cash and cash equivalents, beginning of the period | 3,363 | 3,648 | |||||
Cash, cash equivalents, restricted cash and cash equivalents, end of the period | $ | 3,524 | $ | 2,414 |
Financial results of reporting segments
Three Months Ended | |||||||||||||||||||
Other Countries | Total | ||||||||||||||||||
(In millions) | |||||||||||||||||||
Net revenues | $ | 1,579 | $ | 721 | $ | 591 | $ | 146 | $ | 3,037 | |||||||||
Direct costs | (1,261 | ) | (411 | ) | (464 | ) | (131 | ) | (2,267 | ) | |||||||||
Direct contribution | 318 | 310 | 127 | 15 | 770 | ||||||||||||||
Operating expenses and indirect costs of net revenues | (430 | ) | |||||||||||||||||
Income from operations | 340 | ||||||||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest income and other financial gains | 161 | ||||||||||||||||||
Interest expense and other financial losses | (94 | ) | |||||||||||||||||
Foreign currency losses, net | (87 | ) | |||||||||||||||||
Net income before income tax expense | $ | 320 |
Three Months Ended | |||||||||||||||||||
Other Countries | Total | ||||||||||||||||||
(In millions) | |||||||||||||||||||
Net revenues | $ | 1,252 | $ | 518 | $ | 364 | $ | 114 | $ | 2,248 | |||||||||
Direct costs | (1,065 | ) | (320 | ) | (328 | ) | (110 | ) | (1,823 | ) | |||||||||
Direct contribution | 187 | 198 | 36 | 4 | 425 | ||||||||||||||
Operating expenses and indirect costs of net revenues | (286 | ) | |||||||||||||||||
Income from operations | 139 | ||||||||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest income and other financial gains | 31 | ||||||||||||||||||
Interest expense and other financial losses | (56 | ) | |||||||||||||||||
Foreign currency losses, net | (3 | ) | |||||||||||||||||
Net income before income tax expense | $ | 111 |
Non-GAAP Measures of Financial Performance
To supplement our unaudited interim condensed consolidated financial statements presented in accordance with
These non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with
We believe that reconciliation of these non-GAAP measures to the most directly comparable GAAP measure provides investors an overall understanding of our current financial performance and its prospects for the future.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that represents our net income, adjusted to eliminate the effect of depreciation and amortization charges, interest income and other financial gains, interest expense and other financial losses, foreign currency losses, income tax expense and equity in earnings of an unconsolidated entity. We have included this non-GAAP financial measure because it is used by our Management to evaluate our operating performance and trends, make strategic decisions and the calculation of leverage ratios. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our Management. In addition, it provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain items.
The following table presents a reconciliation of net income to Adjusted EBITDA for each of the periods indicated (in millions):
Three Months Ended | |||||||
2023 | 2022 | ||||||
Net income | $ | 201 | $ | 65 | |||
Adjustments: | |||||||
Depreciation and amortization | 126 | 84 | |||||
Interest income and other financial gains | (161 | ) | (31 | ) | |||
Interest expense and other financial losses | 94 | 56 | |||||
Foreign currency losses, net | 87 | 3 | |||||
Income tax expense | 122 | 46 | |||||
Equity in earnings of unconsolidated entity | (3 | ) | — | ||||
Adjusted EBITDA | $ | 466 | $ | 223 |
Net debt
We define net debt as total debt which includes current and non-current loans payable and other financial liabilities and current and non-current operating lease liabilities, less cash and cash equivalents, short-term investments and long-term investments, excluding foreign government debt securities held in guarantee, securitization transactions and equity securities held at cost. We have included this non-GAAP financial measure because it is used by our Management to analyze our current leverage ratios and set targets to be met, which will also impact other components of the Company’s balance sheet, cash flows and income statement. Accordingly, we believe this measure provides useful information to investors and other market participants in showing the evolution of the Company’s indebtedness and its capability of repayment as a means to, alongside other measures, monitor our leverage based on widely-used measures.
The following table presents a reconciliation of net debt for each of the periods indicated (in millions):
Current Loans payable and other financial liabilities | $ | 2,332 | $ | 2,131 | |
Non-current Loans payable and other financial liabilities | 2,500 | 2,627 | |||
Current Operating lease liabilities | 159 | 142 | |||
Non-current Operating lease liabilities | 529 | 514 | |||
Total debt | $ | 5,520 | $ | 5,414 | |
Less: | |||||
Cash and cash equivalents | $ | 2,143 | $ | 1,910 | |
Short-term investments (1) | 1,070 | 1,120 | |||
Long-term investments (2) | 200 | 245 | |||
Net debt | $ | 2,107 | $ | 2,139 |
(1) Excludes foreign government debt securities held in guarantee and investments held in VIEs as a consequence of securitization transactions.
(2) Excludes investments held in VIEs as a consequence of securitization transactions and equity securities held at cost.
IMAL
IMAL is a non-GAAP financial measure that represents the annualized ratio between total credits revenues of the last quarter less provision for doubtful accounts for the last quarter and total loans receivable as of the end of the quarter. We have included this non-GAAP financial measure because it is used by our Management to monitor how effectively we are pricing the credit product relative to its risk. As such, it is used internally as a measure to monitor performance, manage risk and set targets. Accordingly, we believe this measure provides useful information to investors and others portraying how revenues and provision for doubtful accounts interact with the portfolio size through the different quarters and showing how effectively we are pricing risk, and as a simple measure of profitability.
The following table presents a reconciliation of IMAL for each of the periods indicated (in millions, except percentages):
Three Months Ended | |||||||
2023 | 2022 | ||||||
Total credits revenues | $ | 536 | $ | 402 | |||
Less: Provision for doubtful accounts | 240 | 253 | |||||
Subtotal (a) | $ | 296 | $ | 149 | |||
Loans receivable (b) | $ | 3,049 | $ | 2,415 | |||
Annualized ratio (a/b)*4 | 38.8 | % | 24.7 | % |
FX neutral
We believe that FX neutral measures provide useful information to both Management and investors by excluding the foreign currency exchange rate impact that may not be indicative of our core operating results and business outlook.
The FX neutral measures were calculated by using the average monthly exchange rates for each month during 2022 and applying them to the corresponding months in 2023, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. The comparative FX neutral measures were calculated by using the average monthly exchange rates for each month during 2021 and applying them to the corresponding months in 2022. The table below excludes intercompany allocation FX effects. Finally, these measures do not include any other macroeconomic effect such as local currency inflation effects, the impact on impairment calculations or any price adjustment to compensate local currency inflation or devaluations.
The following table sets forth the FX neutral measures related to our reported results of the operations for the three-month period ended
Three Months Ended | ||||||||||||||||||||||
As reported | FX Neutral Measures | As reported | ||||||||||||||||||||
(In millions, except percentages) | 2023 | 2022 | Percentage Change | 2023 | 2022 | Percentage Change | ||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
Net revenues | $ | 3,037 | $ | 2,248 | 35.1 | % | $ | 3,562 | $ | 2,248 | 58.4 | % | ||||||||||
Cost of net revenues | (1,501 | ) | (1,175 | ) | 27.7 | % | (1,709 | ) | (1,175 | ) | 45.4 | % | ||||||||||
Gross profit | 1,536 | 1,073 | 43.2 | % | 1,853 | 1,073 | 72.6 | % | ||||||||||||||
Operating expenses | (1,196 | ) | (934 | ) | 28.1 | % | (1,450 | ) | (934 | ) | 55.4 | % | ||||||||||
Income from operations | $ | 340 | $ | 139 | 144.6 | % | $ | 403 | $ | 139 | 188.3 | % |
CONTACT:
Investor Relations
investor@mercadolibre.com
http://investor.mercadolibre.com
Source:
2023 GlobeNewswire, Inc., source