MercadoLibre, Inc. Reports Financial Results For Second Quarter 2010

* Q2'10 net revenues increase 28.4% year-over-year to $52.5 million. In local currencies, net revenues increase 38.5% year-over-year

* Q2'10 net income increases by 74.8% year-over-year to $11.7 million. In local currencies, net income increases by 94.7% year-over-year

* Items sold during Q2'10 increase by 33.7% year-over-year to 9.2 million

* Total payment transactions during Q2'10 increase by 91.2% year-over-year to 1.3 million

BUENOS AIRES, Argentina, Aug. 4, 2010 (GLOBE NEWSWIRE) -- MercadoLibre, Inc. (Nasdaq:MELI) ( http://www.mercadolibre.com ), Latin America's leading e-commerce technology company, today reported financial results for the second quarter ended June 30, 2010.

Marcos Galperin, President and Chief Executive Officer of MercadoLibre, Inc., commented, "We are pleased with our strong second quarter results, as we continued to build on the positive momentum that we have gained in the business over the recent time frame. During the quarter, we continued to focus on our product and usability initiatives, which are targeted at enhancing overall user experience and driving our top-line growth. Additionally, we continue to experience strong secular growth trends within the industry and believe that these trends will provide ample opportunity for MercadoLibre to maintain a strong growth trajectory for the foreseeable future."

Second Quarter 2010 Financial Results Summary

MercadoLibre reported consolidated net revenues for the three months ended June 30, 2010 of $52.5 million, representing 28.4% year-over-year growth in U.S. dollars and 38.5% year-over-year growth in local currencies. In local currencies, Marketplace revenue grew 37.3% year-over-year while Payments revenue grew 42.5% year-over-year. In U.S. dollars, Marketplace revenue grew 19.9% to $37.2 million in the second quarter of 2010 from $31.0 million in the second quarter of 2009. In U.S. dollars, Payments revenue grew 54.9% to $15.3 million from $9.9 million in the prior year period.