MercadoLibre's Q1 profit surged 71% to $344 million, driven by growth in Brazil and Mexico, despite Argentina's currency devaluation.

MercadoLibre, Latin American e-commerce and fintech provider, saw its profit surge 71% in Q1, with the growth in Brazil and Mexico offsetting the impact of Argentina's currency devaluation. The company's net income for the three-month period reached $344 million and revenue rose 36% year-over-year to $4.3 billion. MercadoLibre's market capitalization is now $76 billion, making it Latin America's second-most valuable publicly listed company.

May 02, 2024
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