MercadoLibre Stock Drops 12% Following Q4 Earnings Announcement

MercadoLibre Stock Drops 12% Following Q4 Earnings Announcement Feb. 23, 2024, 12:35 p.m., readers: 13

MercadoLibre (NASDAQ:MELI) shares dropped more than 12% intra-day today after the company announced its fourth-quarter financial results. For the quarter, the company achieved an earnings per share (EPS) of $7.39, when excluding certain items, outperforming the expected $7.07 by analysts. Its revenue reached $4.26 billion, surpassing the anticipated $4.14 billion. Despite the uptick in sales, the company's net profit remained steady at $165 million, mirroring the figure from the same quarter last year. Exceptional tax provisions in Brazil, amounting to $351 million, influenced the company's net profit, which was below the $356 million forecasted by analysts. Without the tax provisions, MercadoLibre's net profit for the quarter would have escalated to $383 million.

About NASDAQ: MELI

M ercadoLibre, Inc. operates online commerce platforms in Latin America. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases online; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps.

Price: 1397.88
Market cap: 70.9 billion USD
Eps: 19.40
P/e ratio: 72.06
Focus Analysis On: MELI