$MELI Extraordinary Earnings
$MELI delivered outstanding earnings in the 1Q22. If this quarter had a name, it would be MercadoPago. Yeah, I get it. You take $MELI as an eCommerce company focused on growing its GMV. That’s simply not true.
In the past 12 years, $MELI’s TPV grew at a 55.8% annualized pace. Specifically, the past four quarters were absolutely unbelievable.
I underestimated TPV growth, fintech take rate, credit portfolio, and delinquency. As a result, MercadoPago beat me every quarter.
The marketplace growth has remained consistent for yet another quarter. $MELI reached almost $7.7bn in GMV, +32% YoY, and maintained a 2-year stack growth above 70%.
Also, we estimate that $MELI will end the year with a total GMV 2yr stack growth of 92.4%, versus Amazon’s 49.5% and Shopify’s 88.6%.
The positive highlight during the quarter was the Fintech business, boosted by [cont...]
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