Shares of e-commerce technology company MercadoLibre, Inc. (MELI) are spiking more than 20% Wednesday morning followed by upbeat first-quarter results.
Revenue increased 37.6% year-over-year to $652.1 million, beating the consensus estimate of analysts polled by Thomson Reuters at $633.73 million.
The company had a net loss of $21.11 million or $0.44 per share in the first quarter compared with net income of $11.86 million or $0.13 per share a year ago. In the first quarter, the company had expenses of $23.6 million, mainly attributable to secured financial loans and interest expenses from its trusts related to factoring business in Argentina. Analysts were expecting a loss of $0.48.
The company's unique active users jumped to 43.2 million in the quarter from 33 million in the same quarter a year ago.
MELI is currently trading at $748.50. It has traded in the range of $422.22- $777.97 in the past 52 weeks.
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