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TheStreet Open House

MercadoLibre, Inc. Reports Financial Results For Fourth Quarter 2012 And Full Year 2012

Stocks in this article: MELI

* Net Revenues in Q4'12 grew to 103.8 million, a 30.9% growth in local currencies, and a 20.0% growth in USD

* Items sold during Q4'12 increased by 19.5% year-over-year to 19.0 million

* Net Income during Q4'12 grew to 30.2 million, a 47.6% growth in local currencies, and a 39.9% growth in USD

BUENOS AIRES, Argentina, Feb. 25, 2013 (GLOBE NEWSWIRE) -- MercadoLibre, Inc. (Nasdaq:MELI) ( http://www.mercadolibre.com), Latin America's leading e-commerce technology company, today reported financial results for the fourth quarter and full year ended December 31, 2012.

Marcos Galperin, President and Chief Executive Officer of MercadoLibre, Inc., commented, "I am very pleased with the financial results that MercadoLibre was able to deliver during 2012: above $373 million in revenues, a 39% year-on-year growth in constant dollars, and slightly more than $100 million in Net Income, a 44% year-on-year growth in constant dollars. These growth rates were achieved despite difficult comparisons during the second half of the year as we anniversaried the launch of our new technology platform. Our sustained investment in this platform will remain crucial going forward: having accelerated our pace of innovation, it allows us to constantly improve upon the buying and selling experience that we offer our users, as we continue building the preeminent e-commerce ecosystem in the region."

Financial Results Summary

MercadoLibre reported consolidated net revenues for the three months ended December 31, 2012 of $103.8 million, representing a year-over-year growth of 20.0% in USD, and 30.9% in local currencies.

For the three months ended December 31, 2012, gross merchandise volume grew 13.6% year-over-year to $1,646.5 million, while total payment volume grew 30.5% year-over-year to $524.9 million. In local currencies, gross merchandise volume grew 21.1% year-over-year, while payment volume grew 47.1% year-over-year.

Items sold on MercadoLibre during the fourth quarter 2012 increased 19.5% to 19.0 million, while total payments transactions through MercadoPago increased 42.6% to 6.7 million.

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