Latin American e-commerce giant MercadoLibre posted a 44% net profit increase in the first quarter from a year earlier, above analysts’ estimates as operations in Argentina bounced back. MercadoLibre said in an earnings statement that Argentina was the main highlight of the quarter. Chief Financial Officer told that a weaker comparison base helped its Argentine operations year-on-year due to the initial impacts of a devaluation of the peso currency in late 2023. Lower inflation and interest rates also drove greater sales and appetite for credit in the nation, he added.
SOURCE: UK FINANCE