MELI US (Neutral, TP: $1,800, +15%) MercadoLibre Q2 24 - Quick Take: Strong beat, Brazil GMV continues to surprise; Earnings call feedback
MercadoLibre reported strong Q2 numbers across the board. If there’s one number which jumped out it’s the acceleration in growth in Brazil GMV to 36% y/y from 30% in Q1, when expectations had been for a slowdown (normalization), implying still very strong share gains in this key business.MercadoLibre is engages in an online commerce ecosystem. Co.'s platform is designed to provide users with a portfolio of services to facilitate commercial transactions. Co. integrated e-commerce services includes: the MercadoLibre Marketplace, which is an automated, topically-arranged and user-friendly online commerce service; MercadoLibre Classifieds Service, which users can also list and purchase motor vehicles, vessels, aircraft, real estate and services; MercadoPago payments solution, providing a mechanism that allows its users to send and receive payments online; and MercadoLibre advertising program, which enable businesses to promote their products and services on the Internet.
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