LatAm Digital Commerce Firm MercadoLibre Reports Q2 2022 Financial Results

MercadoLibre, Inc. (Nasdaq: MELI), which claims to be Latin America’s leading e-commerce technology company, reported financial results “for the quarter ended June 30, 2022.”

The company hosted an earnings video as well as a conference call and audio webcast “for any questions that investors may have on August 3rd, 2022, at 4:30 p.m. Eastern Time.”

MercadoLibre claims it hosts “the largest online commerce and payments ecosystem in Latin America, focusing on enabling e-commerce and digital and mobile financial service on behalf of its customers by delivering a suite of technology solutions across the complete value chain of commerce.”

The company is “present in 18 countries including: Argentina, Brazil, Mexico, Colombia, Chile and Peru. Based on unique visitors and page views we are market leaders in each of the major countries where we are present.”

Through its online commerce platform and related services, MercadoLibre provides its users “with robust online commerce and payments tools that not only contribute to the development of a large and growing e-commerce community in Latin America (a region with a population of over 650 million people and one of the fastest-growing Internet penetration rates in the world), but also foster entrepreneurship and social mobility.”

Its main focus is “to deliver compelling technological and commercial solutions that address the distinctive cultural and geographic challenges of operating an online commerce and payments platform in Latin America.”

MercadoLibre Inc revealed on Wednesday that its second-quarter net income increasde by 79.8% YoY, exceeding earnings expectations.

The firm, which does business in 18 different countries such as Brazil, Mexico and Colombia, reported a net income for the 3-month period of $123M, surpassing a Refinitiv forecast of $98.9 million.

Following the results announcement, MercadoLibre’s senior strategy VP Andre Chaves stated the firm intends to expand operations across Latin America, however, there is “nothing in sight at the moment in terms of acquisitions.” He added that if so, it will “be something small.”

Brazil, which has represented around 56% of the group’s total revenue for the latest quarter, remains the firm’s primary focus, Chaves confirmed.

In March 2022, the Group made an investment in Brazil of 17 billion reais (for the year), which is meant to support logistics centers while significantly increasing its delivery capacity.

The firm also noted that it sees Mexico’s potential to be a considerably larger market in the foreseeable future. The company further revealed that this has notably been their first profitable quarter in the nation in the past 5 years.

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