Mercado Libre delivers solid Q3 results posting revenue of $5.3B driven by user and engagement surge across markets and businesses
06 Novembro 2024 - 8:58PM
Mercado Libre delivers solid Q3 results
posting revenue of $5.3B driven by user and engagement surge across
markets and businesses
- Investments in customer
experience, technology and logistics increase sales and engagement
across Latin America;
- In Commerce, unique buyers
climbed 21% year-on-year, to nearly 61 million, while GMV reached
$12.9 billion, rising 14% in dollars;
- Mercado Pago saw its credit
portfolio soar by 77% year-on-year, reaching an impressive $6
billion; and total payment volume (TPV) increased by 34% to
$50.7 billion.
Montevideo, Uruguay. November 6, 2024 —
Mercado Libre (NASDAQ: MELI), the leading e-commerce and fintech
platform in Latin America, has reported another strong quarter for
Q3'24 delivering a significant increase in net revenue at
$5.3 billion, up 35% year-on-year. The company’s
operational income reached $557 million, in a quarter
of strategic investments that positioned Mercado Libre for
continued long-term success.
Mercado Libre has experienced significant growth
by effectively transitioning offline commerce to online platforms,
with unique buyers across the region increasing 21% year-on-year to
nearly 61 million. This surge in customer engagement evolves
along with the company's continued investments in technology,
enhancing customer experience, and improving logistics. As a
result, Mercado Libre achieved this quarter a Gross Merchandise
Value (GMV) of $12.9 billion, reflecting a 14% increase (in
dollar) compared to the previous year. Notably, local currency GMV
growth rates were robust, with Brazil experiencing a 34% increase
and Mexico a 27% increase year-on-year.
"We’re making excellent progress toward our
long-term strategic goals: increasing online commerce penetration
in the region, gaining principality among Mercado Pago users, and
scaling our acquiring business. Once again, this quarter’s
operational results highlight the tremendous growth opportunities
within our ecosystem and reaffirm our long term commitment to
invest in innovation and customer satisfaction," said Martin de los
Santos, Chief Financial Officer of Mercado Libre.
In logistics, Mercado Libre’s fulfillment
network maintained its competitive edge, increasing its penetration
to 53% of total shipments during the quarter, supported by the
opening of multiple fulfillment centers, enhancing delivery speeds
to improve buyer satisfaction and help drive offline retail to
online.
On the fintech side, more and more consumers are
choosing Mercado Pago as their financial services partner, with
monthly active users expanding by 35% year-on-year to 56
million, with Brazil as a lead contributor.
Mercado Pago's credit card portfolio has
increased an impressive 172% year-on-year, reaching $2.3
billion, supported by a set of unique benefits including
cashback tied to our loyalty program and improvements in our risk
models. Mercado Pago is the leading fintech service provider across
the region, driving increased engagement and cross-selling within
the ecosystem. Mercado Pago issued loans to over 25 million
users in the last quarter and currently has assets under
management of $8 billion.
“Momentum is strong across Mercado Libre, and
we’re highly optimistic about the substantial growth potential in
commerce, advertising, fintech services, and acquiring across Latin
America. Mercado Libre is poised for continued growth, driven by
its commitment to operational excellence, user-centric innovations,
and a long-term focus on value creation for our shareholders.”
Financial highlights for Q3 2024
Commerce:
- Net revenue from the commerce
business in the third quarter reached $3.1 billion.
- Gross merchandise Value (GMV),
the total value of merchandise sold, rose 14% in dollars,
year-over-year, to reach $12.9 billion.
- Unique buyers across the region
surged 21% year-on-year to nearly 61 million.
- Items sold rose nearly 28% this
quarter, reaching 456 million units.
- More than 94% of shipments in the
period corresponded to the Mercado Libre's managed network, with
75% of the deliveries made in less than 48 hours.
- Opened five fulfillment centers
in Brazil in Q3'24, plus one in Mexico.
- Mercado Ads revenue rose 37%
year-on-year, in dollars, with the digital advertising business
penetration of 2% of the GMV.
- Mercado Libre recently signed up
as sponsor for Franco Colapinto and the Williams Racing F1 team,
inspired by the innovation and speed of Formula 1. The sponsorship
highlights shared values such as swift delivery, cutting-edge
technology, and continuous development and will continue to drive
regional leadership. MELI launched an ad campaign to further
customer engagement and support its sponsorship showcasing its
advanced logistics capabilities.
Fintech:
- Net revenue from Mercado Pago
reached $2.2 billion in the third quarter.
- Total payment volume (TPV) rose
34% in dollars, year-over-year, to reach $50.7 billion.
- The total number of monthly
active users rose over 35% to reach 56 million.
- Total payment transactions (TPN)
in the third quarter increased by 47% year-over-year, reaching over
2.9 billion.
- The acquiring TPV, which
represents all payments processed and settled via Mercado Pago,
both on marketplace and outside of it (MPOS devices, online
payments and QR codes), reached $36 billion, an increase of 21% in
dollars, year-over-year.
- Mercado Pago's credit portfolio
grew at its fastest pace since Q1'22, 77% year-on-year, reaching 6
billion dollars.
- Mercado Pago's credit card
portfolio has increased an impressive 172% year-on-year, reaching
2.3 billion dollars.
- Mercado Pago issued loans to over
25 million users in the last quarter and currently has assets under
management of $8 billion.
About Mercado LibreFounded in 1999, MercadoLibre, Inc
(NASDAQ: MELI) is the leading company in e-commerce and financial
technology in Latin America, with operations in 18 countries. It
offers a complete ecosystem of solutions for individuals and
businesses to buy, sell, advertise, obtain credit and insurance,
collect, send money, save, and pay for goods and services both
online and offline. Mercado Libre looks to facilitate access to
commerce and financial services in Latin America, a market that
offers great opportunities and high growth potential. It uses
world-class technology to create intuitive solutions tailored to
the local culture to transform the lives of millions of people in
the region. More information at
http://investor.mercadolibre.com/ |
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