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MercadoLibre, Inc. Reports Financial Results For Second Quarter 2013

Stocks in this article: MELI

* Gross Merchandise Volume of $1.7 Billion, a 45% Growth in Local Currencies

* Total Payments Volume of 577.9 Million, a 54% Growth in Local Currencies

* Net Revenues Grew to 112.2 Million, a 38% Growth in Local Currencies

* Earnings Per Share During Q2'13 Were $0.67

BUENOS AIRES, Argentina, Aug. 1, 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 second quarter ended June 30, 2013.

Marcos Galperin, President and Chief Executive Officer of MercadoLibre, Inc., commented, "Our strong performance this quarter validates the strength of our ecosystem and highlights our ability to execute on our strategic initiatives. We continue to focus on improving the user experience on our platform, making it easier for consumers in the region to transition to on-line commerce, reflected in this second consecutive quarter of accelerating growth in sold items. We are pleased with our results thus far, and remain excited about the opportunity ahead of us."

Financial Results Summary

MercadoLibre reported consolidated net revenues for the three months ended June 30, 2013 of $112.2 million, representing a year-over-year growth of 38.3% in local currencies, and 26.3% in USD.

For the three months ended June 30, 2013, gross merchandise volume grew to $1,725.4 million, while total payment volume reached $577.9 million. In local currencies, gross merchandise volume grew 45.0% year-over-year, while payment volume grew 54.2% year-over-year, USD growth was 32.8% and 40.4% respectively.

Items sold on MercadoLibre during the second quarter 2013 increased 27.1% to 20.1 million, while total payments transactions through MercadoPago increased 34.7% to 7.4 million.

Gross profit for the second quarter of 2013 was $81.1 million. Gross profit margin for the period was 72.3%, down from 73.1% during the second quarter of 2012.

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