Shares of Latin American e-commerce giant MercadoLibre (MELI) are soaring 10.27% in early trading on Thursday, following the release of its exceptional first-quarter 2025 financial results. The company's performance significantly surpassed analysts' expectations, demonstrating robust growth across key metrics and setting a new record high for its stock price.

MercadoLibre reported a net profit of $494 million for the quarter ended in March, marking a remarkable 44% increase from the previous year and easily beating the $420.9 million forecasted by analysts. The company's total revenue reached $5.9 billion, up 37% year-on-year, also surpassing analysts' expectations of $5.51 billion. Earnings per share came in at an impressive $9.74, substantially exceeding the consensus estimate of $8.03.

The standout performance was particularly notable in Argentina, where sales grew 126% on a foreign-exchange neutral basis, helping the country regain its position as MercadoLibre's second-largest market by revenue. The company's Chief Financial Officer, Martin de los Santos, attributed this success to lower inflation and interest rates in Argentina, which drove greater sales and appetite for credit. Additionally, MercadoLibre's credit portfolio expanded by 75% year-on-year to $7.8 billion, further contributing to its strong financial results. In response to these impressive numbers, several analysts have raised their price targets for MercadoLibre, with Barclays increasing its target to $3100 from $2500, Wedbush to $2800 from $2400, and BTIG to $2,750 from $2,500, reflecting growing confidence in the company's future prospects.