(Bloomberg) — Shares of MercadoLibre Inc. jumped as Latin America’s largest e-commerce marketplace benefited from accelerating online sales in the region.
The Buenos Aires-based company’s net revenue reached $652 million in the first quarter, beating analysts’ estimate of $629 million. Gross merchandise and total payment volume jumped 34% and 82% on a yearly basis, respectively.
The stock soared as much as 25.3% in the U.S. to an all-time high. MercadoLibre also climbed above the average analyst’s 12-month target for the first time since February, according to data compiled by Bloomberg.
Despite the first few weeks of virus restrictions, MercadoLibre said gross merchandise volume growth accelerated to 73% in April. “Consolidated April growth rates are above pre-Covid levels driven by Argentina, Chile, Colombia, and Mexico with