Press release
MercadoLibre, Inc. Reports First Quarter 2020 Financial Results
Net Revenues of $652.1 million, up 70.5% year-over-year on an FX neutral basis $8.1 billion Total Payment Volume, up 82.2% year-over-year on an FX neutral
About this update from Mercadolibre, Inc.
[{"type":"text","content":"Net Revenues of $652.1 million, up 70.5% year-over-year on an FX neutral basis\n $8.1 billion Total Payment Volume, up 82.2% year-over-year on an FX neutral basis $3.4 billion Gross Merchandise Volume, up 34.2% year-over-year on an FX neutral basis BUENOS AIRES, Argentina, May 05, 2020 (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 March 31, 2020. Pedro Arnt, Chief Financial Officer of MercadoLibre, Inc., commented, “Given the difficult circumstances the world is facing, we are optimistic about the results we've delivered during the first quarter of 2020. Although less affected than others, our business did register this impact, primarily during the first weeks of the imposed lockdowns, with a rebound throughout April. We remain committed to doing our part, by empowering our merchants to continue operating and securing deliveries of goods needed by households. We feel MercadoLibre has the opportunity to emerge from this situation stronger and with an even greater sense of purpose. We trust the dedication and commitment being demonstrated by our entire organization will allow us to continue executing our strategy with no significant interruptions, and in doing so play our part in contributing to making things less difficult to our users during these trying times. Finally, and most importantly, our hearts go out to those individuals and families affected by COVID-19, and our gratitude and appreciation go out to all those brave individuals who are on the front lines working through this unprecedented global health crisis.” Recent COVID-19 related key trends Government-imposed total or partial lockdowns instituted throughout Latin America in late March impacted geographic segments and business lines differently. Additionally, the magnitude of negative impact was greater in the initial weeks following government mandated lockdowns, with gradual improvements as time elapsed.The marketplace KPI’s hit a low point during the week of the 18th to the 24th of March. Year-over-year growth for items sold during that week troughed at 3.3%, with Fx Neutral GMV declining by 1.4%. From then onwards, we have seen a strong rebound, with growth rates accelerating in April to 75.8% year-over-year in Items...