Mercado Libre had total revenues of US$3,000 million in the first quarter

Mercado Libre had total revenues of US$3,000 million in the first quarter

Total revenue grew 58.4% in constant currency. The volume of products sold from the marketplace reached $9.4 billion, a year-over-year increase of 43.3%.

Mercado Libre closed the first quarter with a better-than-expected balance. During the period, Its total revenues reached US$3,000 million in Latin America, a growth of 58.4% in constant currency, and 35.1% in dollars compared to the same period last year.. The three main markets maintained strong revenue growth in dollars in the annual comparison, with Mexico advancing 62%, Argentina 39% and Brazil 26%.

During the first three months of 2023, with 3.9 million new users, the base surpassed the 100.5 million active user mark. For its part, the operating result was US$340 million in Latin America, with a margin of 11.2% and growth of 145.0% in dollars. The operating result in dollars grew more than 200% in Mexico, 70% in Brazil and 57% in Argentina.

Net profit reached US$201.4 million -resulting in net income of US$4.01 per share- a year-on-year growth of 208.5%. Operating cash generation remained strong in the period, allowing the total position to grow to $859 million in the first quarter of the year.

Net revenue from the e-commerce business increased 53.9% year-over-year in constant currency and 31.2% year-over-year in US dollars, reaching nearly $1.7 billion. The increase in the number of unique buyers accelerated across the region.

Fintech net revenue reached almost $1.4 billion, up 40.1% in dollars and 64.3% in local currency, which allowed it to remain above the billion mark for the fifth consecutive quarter. During the first quarter, Mercado Pago exceeded 44.5 million active users, an increase of 24.3%.

Source: Ambito

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