MercadoLibre Soars to Record as Payments Growth Impresses Street
Marcos Galperin, co-founder and chief executive officer of MercadoLibre Inc.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Latin American e-commerce retailer MercadoLibre Inc. is getting a boost from its payments push.
American depositary receipts for the Buenos Aires-based company jumped as much as 20 percent to a record high on Friday after first-quarter revenue beat the highest analyst estimates. “Strong” payments growth overshadowed a slowdown in gross merchandise volume, according to analysts, many of whom raised their price targets on the stock.