BUENOS AIRES, Argentina (AP) _ MercadoLibre SA (MELI) on Wednesday reported second-quarter net income of $68.2 million.

On a per-share basis, the Buenos Aires, Argentina-based company said it had net income of $1.37.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.

The operator of an online marketplace and payments system in Latin America posted revenue of $1.7 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $1.5 billion.

MercadoLibre shares have declined slightly more than 6% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $1,570, an increase of 34% 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

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