Summary
MercadoLibre, Inc. (MELI) reported its first-quarter financial results for the period ending March 31, 2010. The company demonstrated strong top-line growth, with net revenues increasing by 42.1% year-over-year to $45.9 million. This growth was driven by a robust performance in both its Marketplace and Payments segments, with the Payments business showing particularly rapid expansion at over 103% year-over-year. The company also showed significant improvement in profitability, with income from operations increasing substantially and net income growing by 78.5% to $9.6 million. Despite some currency headwinds, particularly in Venezuela, MELI continues to expand its user base and transaction volumes across its key Latin American markets. Investors should note the accelerating contribution of the Payments segment to overall revenue, indicating a successful diversification strategy.
Financial Highlights
28 data points| Revenue | $45.94M |
| Cost of Revenue | $9.89M |
| Gross Profit | $36.04M |
| Operating Expenses | $20.54M |
| Operating Income | $15.50M |
| Net Income | $9.62M |
| EPS (Basic) | $0.22 |
| EPS (Diluted) | $0.22 |
| Shares Outstanding (Basic) | 44.11M |
| Shares Outstanding (Diluted) | 44.15M |
Key Highlights
- 1Net revenues increased by 42.1% year-over-year to $45.9 million.
- 2The Payments segment experienced significant growth, with revenues up 103.2% year-over-year.
- 3Net income grew by 78.5% year-over-year to $9.6 million.
- 4Income from operations rose substantially, reflecting improved operating leverage.
- 5Confirmed registered users increased to 44.9 million, up from 35.7 million in the prior year.
- 6Gross merchandise volume (GMV) grew by 40.4% year-over-year.
- 7The company's Venezuelan operations experienced a significant revenue decrease in USD terms due to currency re-measurement, though local currency growth was strong.