Reuters: Global Markets: MercadoLibre attracts more users, profit tops expectations

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MercadoLibre attracts more users, profit tops expectations Aug 1st 2013, 21:08 Thu Aug 1, 2013 5:08pm EDT (Reuters) - Latin American e-commerce company MercadoLibre Inc (MELI.O) reported quarterly results above analysts' expectations as more customers used its platform to trade merchandise online. The U.S.-listed shares of the Buenos Aires, Argentina-based company, which sells goods and runs auctions like eBay Inc (EBAY.O) jumped as much as 24.3 percent in after-market trade. MercadoLibre users can list anything from vehicles to vessels, real estate and even aircraft. Gross merchandise volume - the sum of transactions completed through the company's online marketplace - jumped 32.8 percent to $1.73 billion in the second quarter. The company said in a regulatory filing that eBay is a shareholder but added there were no restriction stopping the U.S. company becoming one the company's competitors. MercadoLibre counts Google Inc (GOOG.O), Yahoo Inc (YHOO.O), Facebook Inc (FB.O) and Amazon.com Inc (AMZN.O) among its competitors. Net income rose 18 percent to $30 million, or 67 cents per share, in the second quarter, from $25.4 million, or 57 cents per share, a year ago. Revenue rose 26 percent to $112.2 million. Analysts on average had expected the company to earn 62 cents per share, excluding items, on revenue of $107.6 million, according to Thomson Reuters I/B/E/S. MercadoLibre shares closed at $121.47 on the Nasdaq on Thursday. (Reporting by Supantha Mukherjee and Lehar Maan in Bangalore; Editing by Saumyadeb Chakrabarty) Link this Share this Digg this Email Reprints

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