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Here's Why MercadoLibre Is Soaring on Friday

TheMotleyFool

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Here's Why MercadoLibre Is Soaring on Friday

The stock market was generally higher on Friday, but MercadoLibre (NASDAQ: MELI) was a big outperformer. As of 10:30 a.m. EDT, the e-commerce and fintech company was higher by 4% after rising by as much as 10% earlier in the day.

As you might expect given that we're in the peak of third-quarter earnings season, MercadoLibre's third-quarter results are behind the move.

MercadoLibre's latest figures were impressive throughout the entire business. On the e-commerce side, gross merchandise volume (GMV) grew by 30% year over year to $7.3 billion. Nearly 260 million items were sold on the platform, and mobile sales now represent 74% of the total volume.

Source Fool.com

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