MercadoLibre's fourth-quarter net profit beats forecast
SAO PAULO, Feb 20 (Reuters) - Latin American e-commerce giant MercadoLibre MELI.O posted on Thursday a better-than-expected quarterly net profit, up nearly four-fold from the same period a year earlier.
MercadoLibre, Latin America's largest company by market value, said its net income for the October to December quarter came in at $639 million, rising 287% year-on-year and well above the $401.5 million expected by analysts in a LSEG poll.
Net revenue came in at $6.1 billion, above estimates of $5.9 billion and up 37% year-on-year.
The company, which operates an online marketplace in close to 20 countries and runs fintech Mercado Pago, posted earnings before interest and taxes (EBIT) at $820 million in the quarter, up 144% from a year earlier and also above analysts' expectations of $612 million.
MercadoLibre profit growth also benefited from a tax hit that the firm recorded in the fourth quarter of 2023, which dragged down its results at the time.
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