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MercadoLibre Stock Sets All-Time High as Q4 Earnings Blow Past Estimates

MercadoLibre, Inc. reported its first-quarter earnings for 2023, showcasing significant growth in its e-commerce and fintech sectors. The company's revenue increased by 58.4% year-over-year to $3.04 billion, surpassing analyst expectations. This growth was driven by a 43.3% increase in gross merchandise volume (GMV) to $9.4 billion and a 96.9% surge in total payment volume (TPV) to $37.1 billion. Operating income rose to $401 million from $142 million the previous year, with the operating margin expanding to 13.2% from 7.3%. Net income was reported at $201 million, or $3.97 per share, compared to $65 million, or $1.30 per share, in the first quarter of 2022. MercadoLibre's performance was bolstered by strong market positions in Brazil, Mexico, and Argentina, with particular success in its fintech arm, Mercado Pago, which saw a 114.4% increase in off-platform payment volume. The company also highlighted its continued investment in logistics and technology to enhance user experience and operational efficiency.

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