As anticipated by Ámbito, Mercado Libre reported this Wednesday that its net profits increased 11% year-over-year in the third quarter, below what investors expected. In that framework, Its shares collapsed 9.3% in the aftermarket on Wall Street.
With the session underway this Thursday, the shares of Marcos Galperín’s company in New York they sink 16.2%. Thus, in the last few days they cut profits by 12% and the balance in the red for the last 30 days is -9.6%. It happens that the results did not meet expectations because the logistics and credit costs They put a counterweight to the growth of their income.
In parallel, the leading electronic commerce company in Argentina and Latin America registered a net profit of US$397 million in the July – September period, while analysts surveyed by LSEG expected a profit of US$542 million.
The company, which operates in about 20 countries and manages the fintech Mercado Pago, reported US$5.3 billion in net incomea year-on-year increase of 35% and in line with estimates.
During market opening hours, the company’s shares had grown 1.3%.
Despite a quarterly that tasted like little, Mercado Libre showed optimism
In logistics, the company stated that the network of fulfillment maintained its competitive advantage, increasing its penetration to 53% of total shipments during this quarter. This was due to the opening of several centers, which improved delivery speed and GMV to improve buyer satisfaction and help in the transition from offline to online.
In the segment fintechthe report highlighted that active users grew 35% year-on-year and reached 56 million, with Brazil as the main driver of this growth. Likewise, Mercado Pago’s credit card portfolio increased 172% year-on-year. The virtual wallet granted credits to more than 25 million users in the last quarter.
“Mercado Libre is with a lot of momentum, and we are very optimistic about the potential for great growth in commerce, advertising, financial services and acquisition in Latin America. Mercado Libre is ready for continued growth, driven by its commitment to operational excellence and user-centered innovation, with a firm dedication to creating value for its shareholders,” they maintained, despite the fact that the numbers did not meet market expectations. .
Source: Ambito
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