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MELI Surges 20% On Strong Q2 Results

Shares of MercadoLibre Inc. (MELI) are surging over 20% Thursday morning, after the company reported stellar Q2 results.

The stock, which has been trading between $600.68 and $1,970.13 for the past one year, is currently trading at $1,074.48, up $183.61 or 20.61%, with trading volume of over 497K versus an average volume of 706K shares.

Second-quarter net income was $123 million or $2.43 per share compared to $68 million or $1.37 per share last year. Analysts polled by Thomson Reuters expected earnings of $1.79 per share for the quarter. Analysts' estimate typically exclude certain special items.

Net revenues reached a new quarterly record, with almost $2.6 billion dollars, growing 53% in U.S. dollars and 57% on an FX-neutral basis. Last year, the company generated Q2 revenue of $754 million.

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