Shares of MercadoLibre (MELI) rocketed more than 32% in late-morning trading Thursday after the South American e-commerce and payments provided shattered Wall Street views on an unexpected jump in regional e-commerce transactions.
Buenos Aires, Argentina-based MercadoLibre, whose markets include Brazil, Venezuela and Mexico, said late Wednesday that Q3 earnings surged 40% from the year-earlier quarter to 60 cents a share, 40% higher than the 43 cents a share expected by analysts polled by Thomson Reuters. Sales soared 46% to $81.6 million. Analysts had expected $78.5 million.
"MercadoLibre had an excellent third quarter, highlighting the importance of solid execution in driving our own results," CEO Marcos Galperin said in a statement. "Recent innovations on our platform combined with secular trends that continue to favor e-commerce in our region, generating strong growth throughout our marketplace, and our entire ecosystem."
Gross merchandise volume soared 51.8% from Q3 2010 to $1.35 billion, while total payment volume rose 94.1% year-over-year to $368.5 million. Gross merchandise volume includes the total U.S. dollar value of all transactions completed through the MercadoLibre Marketplace, excluding motor vehicles, vessels, aircraft, real estate and services.
The number of items sold on MercadoLibre in Q3 jumped 38.1% to 14.4 million, while total payments transactions through MercadoPago grew 103% to 3.9 million.
The company didn't issue an outlook for the current quarter.
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