MercadoLibre Revenue Surges 149%
MercadoLibre (NASDAQ: MELI) continued its triple-digit growth streak to close out 2020 with a bang. The undisputed leader of e-commerce in Latin America grew revenue to $1.3 billion, up 149% year over year. The results were driven by online retail that soared 124%, while fintech revenue from its digital payments business jumped 60%.
It's also worth noting that the company's gross profit margin slipped to 37% from 46% in the prior-year quarter, the result of aggressive pricing and increased shipping costs during the holiday quarter.
Image source: Getty Images.
Source Fool.com
