SAO PAULO (Reuters) – South American e-commerce giant MercadoLibre Inc reported on Wednesday that its second-quarter net income rose 79.8% year-on-year, beating earnings forecasts.
The company’s net income for the three-month period was $123 million, beating a Refinitiv forecast of $98.9 million.
The company’s net revenue rose 56.5% in constant currency and 52.5% in dollars to $2.6 billion as it registered growth in revenues from its commerce and fintech sectors.
The group’s financial arm, Mercado Pago, saw net revenue soar 112.5% in dollars year-on-year to $1.2 billion, as it expanded its lines of business, such as insurance and investment tools.
Mercado Pago reported a 83.9% jump in total payment volume in constant currency to $30.2 billion. Its credit portfolio reached $2.7 billion in the quarter, a 12.5% increase in comparison to the previous year.
(Reporting by Aluisio Alves; Writing by Carolina Pulice; Editing by Jonathan Oatis)
