August 12, 2022

News of the Trade

Latest trading, investing, and financial news

MercadoLibre shares rally after encouraging earnings report

Shares of e-commerce technology company MercadoLibre Inc.
MELI,
+6.36%
were trading higher after the bell Wednesday, following the company’s release of second-quarter financial results.

At 5:41 p.m. ET, the company’s shares were trading 12.53% higher at $1,003.02 a share. The stock finished the day’s regular session with a 6.36% gain, closing at $890.87 a share.

After the bell, MercadoLibre reported second-quarter earnings per share of $2.43 on revenue of $2.59 billion. In the year-ago period, the company reported EPS of $1.37 on revenue of $1.7 billion.

In the second quarter, the company said, the commerce business’ total gross merchandise volume reached an all-time high, with over $8.5 billion dollars.

The second quarter also saw “a significant increase in the number of total daily advertisers on our platform in all geographies, combined with the consistent increase in the number of total ad clicks,” the company said.