MercadoLibre Earnings Smash Estimates As Stock Soars To New High
Summary
MercadoLibre earnings smashed estimates and the e-commerce provider showed its best revenue growth in eight quarters as the stock soared to a record high Friday. XAfter the market close Thursday, MercadoLibre ( MELI ) reported adjusted earnings of 13 cents a share. "We believe MercadoLibre is one of the most innovative companies in our coverage, and is a leading disrupter of e-commerce, fintech/payments, and logistics within Latin America," wrote KeyBanc Capital Markets analyst Edward Yruma, in a note to clients. "Our marketplace business showed great resiliency, our payments business is gaining traction in its online-to-offline efforts, and our shipping efforts continue growing the size of our managed network," Chief Financial Officer Pedro Arnt said in prepared remarks with the MercadoLibre earnings release. Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.