** Shares of Latin American e-commerce company MercadoLibre MELI.O jump 6.9% to $2418.03, touching record highs
** MELI reports Q1 rev. of $5.9 bln, rising 37% YoY and beats analysts' estimate of $5.51 bln, according to data compiled by LSEG
** Posts Q1 net profit of $494 mln, above expectations of $420.9 mln
** Uruguay-headquartered MELI says Argentina was the main highlight of the quarter
** Sales in the country as measured by Gross Merchandise Value $(GMV.AU)$ grew 126% on a foreign-exchange neutral basis, compared to a total GMV increase of 40%
** "Recovery in Argentina proved stronger than expected, supporting margin improvement," Jefferies analysts say
** Including session's gains, stock up more than 33% YTD
(Reporting by Shashwat Chauhan in Bengaluru)
((Shashwat.Chauhan@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.