Mercadolibre Swings To Profit

(RTTNews) - Argentinean e-commerce technology company Mercadolibre Inc (MELI) on Wednesday reported second-quarter net earnings of $19.5 million or $0.44 per share. This compares with a loss of $25.6 million or $0.58 per share last year, when it incurred, among other things, impairment charges on its Venezuela assets.

Excluding items, adjusted earnings for the quarter were $0.44 per share compared with earnings of $0.72 per share a year ago.

Revenues for the quarter were up 17% at $154.3 million compared with $131.8 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.68 per share on revenues of $147.4 million for the quarter. Analysts' estimates typically exclude special items.

Gross margin fell to 67.4% from 72.4% in the prior year.