MercadoLibre Tumbles After Net Income Miss on Spending Boost
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MercadoLibre Tumbles After Net Income Miss on Spending Boost
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Shares of MercadoLibre fell after fourth-quarter net income missed analysts’ estimates as the company continued to invest heavily in its main business lines. MercadoLibre posted $559 million in net income, below the average forecast for $596 million, according to data compiled by Bloomberg. However, the company posted a 45% year-on-year increase in net revenue to $8.8 billion, beating consensus analyst estimates of $8.5 billion, as customers took advantage of free shipping perks in Brazil and piled into MercadoLibre’s credit offerings. That marks its 28th consecutive quarter of annual growth above 30%.
Martin de los Santos, the CFO of South America's largest company, discusses quarterly earnings and the e-commerce giant's continued efforts to scale its fintech platform, Mercado Pago. Martin speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.
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