Part eBay, part Amazon.com, MercadoLibre is boosting revenues, profits and registered users throughout Latin America.
BY CHRONICLE STAFF
Marcos Galperin is a happy man these days. And with good reason. The company he founded and heads up - Argentina-based e-commerce site MercadoLibre - is setting one record after another in revenues, profits and registered users. All in its first quarter as a publicly-traded company.
"We have seen very nice growth overall," he says. "We had accelerated growth in revenues for the second quarter in a row [and] were pleased with the results with respect to the bottom line."
Revenues at MercadoLibre (which means "Free Market" in Spanish) in the third quarter reached $22.8 million, an increase of 72.4 percent from the same period last year. Net income reached $2.8 million – a dramatic increase from the $38,000 registered in the third quarter last year. Even if all three quarters this year are combined, they show strong growth, with revenues up by 59.1 percent and net income up 450 percent.
gross merchandise volume of $394.9 million for the third quarter (up 39.2 percent) and 23.3 million registered users (up 40.6 percent), MercadoLibre is now the largest e-commerce venture in Latin America.
COMBINATION OF EBAY AND AMAZON.COM
While it is often called the eBay of Latin America, in reality its a combination of eBay and Amazon.com, Galperin says. Like eBay, it offers individuals and companies a platform to sell its products directly to any visitor of the site. Also, like eBay, it offers its own, proprietary payment platform. However...
Keywords: Argentina, Brazil, broadband, fraud, Mexico, NASDAQ