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MercadoLibre Posts Record Revenue, Braces for Macro Jitters

  • Company looks to spend about $10 billion across LatAm in 2022
  • Credit portfolio jumps to $2.4 billion with no intent to slow
Workers sort products at the MercadoLibre fulfillment center on Black Friday in Sao Paulo, Brazil, on Friday, Nov. 26, 2021. 

Workers sort products at the MercadoLibre fulfillment center on Black Friday in Sao Paulo, Brazil, on Friday, Nov. 26, 2021. 

Photographer: Jonne Roriz/Bloomberg

Latin American e-commerce retailer MercadoLibre Inc. grew its revenue more than forecast in the first quarter, boosting optimism that the company will continue to hold sway in a region where online competition is getting fiercer. 

Net revenue in the first three months of the year rose 63% from a year earlier to $2.2 billion, according to a statement Thursday, topping the $2 billion average estimate of analysts surveyed by Bloomberg. The Buenos Aires-based company reported gross merchandise volume of $7.7 billion, also beating expectations.