Mercadolibre net income was $10.48/sh. It exceeded analyst expectations by 1.98 and it was up 103% YOY.
Unique buyers are up 19% YOY and items sold up 29% YOY.
Gross merchandize volume is up 83% on an FX neutral measure.
Total Payment volume grew 24%, and Argentina is holding up fine despite the devaluation of the Argentine peso.
Operating margin increased from 12.2% in Q1 to 15.1% in Q2.
As I write this, Mercadolibre is up 12.0% after hours.
Best,
bulwnkl
Long MELI 18.2%
Lol - not sure I ever got the off track memo in the first place unless you meant the share price.
Ok these results are looking outstanding - and here are a few additional highlights:
Overall:
Rrevenue growth was 42% or 113% in FX Neutral terms (an acceleration from 94% growth in Q1) taking revenues to $5.1bn
Operating income margin increased from 12.2% to 15.1%
Net inc margin from 7.9% to 11.8%
On the market place front:-
To be sure the top line percentage growth of 252% in GMV of Argentina is influencing the 83% GMV headline (which is affected by the Argentine inflation rate). Nonetheless growth in GMV, items purchased and items purchased per buyer accelerated from Q1 in all locations and the 19% increase in unique buyers took total unique active buyers to 56.6m.
Commerce net revenues increased 131% in FX neutral terms (up from 113% growth)
Commerce take rate increased to 23.5% from 18.4% a year ago and 22% in Q1
On the Fintech front:
MAU growth of 37% took total fintech users to 52m and AUM grew 86%
Fintech net revenues re-accelerated to 92% growth from 74% growth in Q1
Fintech take rate increase to 4.54% from 3.52% a year ago and 4.51% in Q1
Looking forward to the earnings call Q&A.
Results Presentation:
Prepared remarks transcript: