The so-called ‘Latin American Amazon’ doubled its turnover in the quarter
MADRID, 6 (EUROPA PRESS)
The shares of Mercado Libre, the largest marketplace in Latin America, registered a 5% fall in the session on Thursday after the presentation of results for the first quarter, in which the company registered losses of 34 million dollars (28 million euros), 62% more than the previous year.
During the session, the company’s securities on the New York Nasdaq were below $ 1,460, compared to the price of $ 1,530 per share at the close of the previous day.
In 2020, the company became the most valuable company in Latin America in terms of market capitalization, surpassing the barrier of 100 billion dollars.
Despite the ‘red numbers’ registered, the firm’s turnover doubled during the quarter, to 1,378 million dollars (1,143 million euros). The e-commerce business reached 910 million dollars (755 million euros), 140% more; while revenues from ‘fintech’ services grew by 72.4% more, to 467.8 million dollars (388 million euros).
In its quarterly report, the ‘Latin American Amazon’ reported that the number of active unique users of its platform grew by 61.6% compared to the previous year, to 69.8 million people.
“Our financial results were once again marked by accelerated growth driven by strong demand for ‘e-commerce’ and ‘FinTech’ services in an environment that, although it has improved, continues to be challenging,” said the CEO of the group, Pedro Arnt.
Arnt stressed that the quarter’s results are “solid” and illustrate the objective of executing the company’s long-term strategic priorities, which include “democratizing access to trade and money in Latin America.”