Latam e-commerce giant MercadoLibre revenue soars on pandemic-led boom

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Nov 4 (Reuters) - MercadoLibre Inc posted a 67% leap successful quarterly gross connected Thursday arsenic the South American e-commerce elephantine benefited from a surge successful online buying during the COVID-19 crisis.

The Argentine institution has capitalized connected the pandemic-induced roar successful e-commerce and online outgo crossed Latin America by ramping up investments successful its logistics business.

It has besides expanded its fintech services and accrued its warehouse web successful Mexico to stave disconnected contention from companies including Amazon.com Inc (AMZN.O) and homegrown marque Magazine Luiza.

MercadoLibre's gross merchandise volume, a wide watched fig for the e-commerce industry's performance, roseate 23.9% to $7.31 cardinal successful the 3rd quarter.

The company, contiguous successful 18 countries including Brazil, Mexico and Colombia, posted a much than 3% emergence successful progressive users to 78.7 million.

"We are entering into a process of maturing our basal successful which the main nonsubjective is to marque clients much loyal, incentivizing them to marque much transactions that output revenues," said Andre Chaves, MercadoLibre's vice president of strategy, firm improvement and capitalist relations.

He said the institution should person immoderate comparative advantages owed to its effort to boost the logistics operation, giving it a amended quality to power costs successful the inflationary environment.

MercadoLibre's gross roseate 74% successful Brazil and 94% successful Mexico, portion the Argentina concern grew 38%.

Overall, nett gross was $1.86 cardinal for the 4th to Sept. 30, successful enactment with analysts' estimates, according to Refinitiv.

Net income roseate to $95.23 million, oregon $1.92 per share, from $15.04 million, oregon 28 cents per share, a twelvemonth earlier.

Reporting by Tiyashi Datta successful Bengaluru and Aluisio Alves; Editing by Aditya Soni

Our Standards: The Thomson Reuters Trust Principles.

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