Press release
MercadoLibre, Inc. Fourth Quarter 2022 Letter to Shareholders
Net Revenues of $3.0 billion up 56.5% year-over-year on an FX neutral basisIncome from operations of $349 million, with a 11.6% margin$36.0 billion Total
About this update from Mercadolibre, Inc.
[{"type":"text","content":"Net Revenues of $3.0 billion up 56.5% year-over-year on an FX neutral basisIncome from operations of $349 million, with a 11.6% margin$36.0 billion Total Payment Volume, up 80.0% year-over-year on an FX neutral basis$9.6 billion Gross Merchandise Volume, up 34.7% year-over-year on an FX neutral basis MONTEVIDEO, Uruguay, Feb. 23, 2023 (GLOBE NEWSWIRE) -- MercadoLibre, Inc. (Nasdaq: MELI) (http://www.mercadolibre.com), Latin America’s leading e-commerce technology company, today reported financial results for the quarter ended December 31, 2022. To our Shareholders The end of the fourth quarter of 2022 brought a highly successful year to a close. Over the last 12 months, we have processed more than $100bn in payments, booked over $10bn of net revenues, shipped more than 1bn items through Mercado Envios, and surpassed $1bn of Income from operations, all for the first time in our history. These major milestones confirm a successful and transformational multi year period for MercadoLibre. Over the last three years, we have built a GMV base that is 2.5x larger than in 2019 and continues to grow, we have ramped-up a logistics network with world-class delivery speeds (GMV delivered within 48 hours rose from an average of 44% in 2019 to almost 80% in 2022) and we have strengthened the other key pillars of our Commerce value proposition: assortment, price and service. The much-increased scale gained through this three year period solidifies our position as Latin America’s e-commerce leader. It also positions us well to continue to capitalize on the growth opportunity of the offline to online shift in retailing across the region. During the same three year period we have also grown our TPV more than 4x, and our Fintech revenues nearly 5x, making our Fintech business a major contributor to our top and bottom line growth. At the same time, we have launched a full suite of products and services that extends our original payments offering to cards, credit, insurance and savings, amongst others. Although we still have more products to build, the launches of the last 18 months give us - for the first time - the critical mass of services that would enable our users to have their principal financial services relationship with Mercado Pago. Of our almost 44mn unique active Fintech users in Q4’22, more than half already utilize the wallet to make p...