Mercado Libre delivers solid Q3 results posting revenue of $5.3B driven by user and engagement surge across markets and businesses
Montevideo, Nov. 06, 2024 (GLOBE NEWSWIRE) --
Mercado Libre delivers solid Q3 results posting revenue of $5.3B driven by user and engagement surge across markets and businesses
Investments in customer experience, technology and logistics increase sales and engagement across Latin America;
In Commerce, unique buyers climbed 21% year-on-year, to nearly 61 million, while GMV reached $12.9 billion, rising 14% in dollars;
Mercado Pago saw its credit portfolio soar by 77% year-on-year, reaching an impressive $6 billion; and total payment volume (TPV) increased by 34% to $50.7 billion.
Montevideo, Uruguay. November 6, 2024, Mercado Libre (NASDAQ:MELI), the leading e-commerce and fintech platform in Latin America, has reported another strong quarter for Q3'24 delivering a significant increase in net revenue at $5.3 billion, up 35% year-on-year. The company's operational income reached $557 million, in a quarter of strategic investments that positioned Mercado Libre for continued long-term success.
Mercado Libre has experienced significant growth by effectively transitioning offline commerce to online platforms, with unique buyers across the region increasing 21% year-on-year to nearly 61 million. This surge in customer engagement evolves along with the company's continued investments in technology, enhancing customer experience, and improving logistics. As a result, Mercado Libre achieved this quarter a Gross Merchandise Value (GMV) of $12.9 billion, reflecting a 14% increase (in dollar) compared to the previous year. Notably, local currency GMV growth rates were robust, with Brazil experiencing a 34% increase and Mexico a 27% increase year-on-year.
"We're making excellent progress toward our long-term strategic goals: increasing online commerce penetration in the region, gaining principality among Mercado Pago users, and scaling our acquiring business. Once again, this quarter's operational results highlight the tremendous growth opportunities within our ecosystem and reaffirm our long term commitment to invest in innovation and customer satisfaction," said Martin de los Santos, Chief ...
