Aug 10 (Reuters) - Latin American e-commerce platform
MercadoLibre Inc on Monday beat expectations for
quarterly revenue, as it benefited from a surge in online
shopping with people staying indoors due to the coronavirus
The company also said its unique active users jumped more
than 45% to 51.5 million.
Demand for online market places has surged during the
pandemic due to prolonged lockdowns and social distancing
measures in place in most countries.
"The pandemic generated significant changes in consumer
behavior, which translated into a new milestone in the
penetration of e-commerce and online payments in the region,"
Chief Financial Officer Pedro Arnt said in a statement.
Revenue rose 61% to $878.4 million, above analysts'
estimates of $748.7 million, according to IBES data from
Net income rose to $55.9 million, or $1.11 per share, in the
second quarter ended June 30, from $16.2 million, or 31 cents
per share, a year earlier.
Analysts had expected the company to earn 9 cents per share.
U.S.-listed shares of the company were down nearly 4% at
$1150.14 in morning trading.
(Reporting by Akanksha Rana in Bengaluru; Editing by Shailesh