MercadoLibre (NASDAQ: MELI) reported its first-quarter results after the market close on Tuesday, and despite headwinds as the result of the pandemic, the Latin American e-commerce powerhouse turned in another performance worthy of a standing ovation. Net revenue grew to $652 million, up 38% year over year when translated to U.S. dollars, but up more than 70% in local currencies. Latin America is still largely a cash-based culture, and many residents don't have a bank account or credit card.
At first glance, MercadoLibre (NASDAQ: MELI) and Amazon (NASDAQ: AMZN) may not appear comparable. MercadoLibre is an Argentina-based e-commerce and software company with a market cap under $39 billion. Amazon is a retail and tech conglomerate.
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MercadoLibre (NASDAQ: MELI) originally made its mark as the leader in Latin American e-commerce, but over the past several years, its move into financial technology (fintech) has become an increasingly important part of its growth story. The Mercado Pago payment system was originally modeled after PayPal (NASDAQ: PYPL) to solve a simple problem: Many people in Latin America don't have bank accounts or credit cards, making e-commerce a tough sell. Mercado Pago offers an entire ecosystem of digital payment tools, including a mobile wallet, prepaid cards, and even consumer loans.
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Digital payment processor PayPal (NASDAQ: PYPL) released its first-quarter financial report after the market close on Wednesday. Net revenue grew to $4.62 billion, up 12% year over year, while earnings per share (EPS) of $0.07 declined 87%. For context, analysts' consensus estimates were looking for revenue of $4.74 billion and adjusted EPS of $0.68, so PayPal missed on both the top and bottom line.
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In this episode of MarketFoolery, Chris Hill and Motley Fool analyst Bill Mann go through some of the latest earning reports. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center.
Even after climbing more than 40% so far this year, MercadoLibre's (NASDAQ: MELI) shares will continue to reward investors in the months ahead. So says J.P. Morgan analyst Marcelo Santos. On Wednesday, Santos reiterated an "overweight" rating on MercadoLibre's stock and raised his target price from $800 to $1,000.
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