MercadoLibre Surges After Locked-Down Consumers Flock Online
- Revenue beat consensus and volume growth sped up in April
- Stock gained as much as 25% and Citigroup upgraded to buy
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Shares of MercadoLibre Inc. jumped as Latin America’s largest e-commerce marketplace benefited from accelerating online sales in the region.
The Buenos Aires-based company’s net revenue reached $652 million in the first quarter, beating analysts’ estimate of $629 million. Gross merchandise and total payment volume jumped 34% and 82% on a yearly basis, respectively.