MercadoLibre Posts Q1 Loss, But Results Top View; Stock Up

(RTTNews) - MercadoLibre Inc. (MELI) reported that its first-quarter net loss was $21.11 million or $0.44 per share, compared to net income of $11.86 million or $0.13 per share in the previous year.

MELI closed Tuesday's regular trading at $620.94, up $13.54 or 2.23 percent. In the after-hours trade, the stock further gained $97.06 or 15.63 percent.

Net revenues for the first quarter were $652.1 million, a year-over-year increase of 37.6% in USD and 70.5% on an FX neutral basis.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.48 per share and revenues of $633.73 million. Analysts' estimates typically exclude special items.

Total payment volume through Mercado Pago reached $8.1 billion, a year-over-year increase of 43.5% in USD and 82.2% on an FX neutral basis. Total payment transactions increased 102.0% year-over-year, totaling 290.7 million transactions for the quarter.

Gross merchandise volume reached $3.4 billion, representing an increase of 10.6% in USD and 34.2% on an FX neutral basis.