Broadline Retail

Mercadolibre

MercadoLibre

Conference Minutes

MELI

The following are the minutes of the Mercado Q3 2025 earnings call organized by Dolphin Research. For financial report interpretation, please refer to &#34;Meli: Profit Miss? It Might Just Be the 'Growing Pains' Before Victory.&#34; I. Review of Core Financial Data II. Detailed Information from the Earnings Call Key Management Statements 1. Market Opportunities and Company Positioning The company will continue to invest resources to seize the upcoming significant growth opportunities in the e-commerce and fintech sectors. The company has unique advantages that can drive the financial inclusion process in Latin America and the transition from offline to online retail...

MoneyLion

Ameriprise Financial

Mercado (Minutes): Not for Short-term Profit, but for Long-term Value

Financial Analysis

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BABA

89988

KBAB

BABO

BABX

COST

MEHCQ

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HBBD

The Latin American version of &#34;Alibaba&#34;—$Mercadolibre(MELI.US) (hereinafter referred to as Meli) released its financial report for the third quarter of 2025 on October 30. Overall, the revenue side performed well, with accelerated growth quarter-on-quarter and slightly exceeding expectations. Conversely, due to increased logistics subsidies within the e-commerce segment and a decline in financial business due to structural factors and interest rates, profit margins fell short of sell-side expectations. 1. Growth outperformed but profits underperformed: In terms of overall performance, Meli's total revenue (denominated in USD) grew approximately 39.5% year-on-year, with a significant acceleration from the previous quarter...

BABA-W

Alibaba

BABA-WR

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Costain Group PLC

Costco Wholesale

23andMe

CHROME HLDG CO

Pro Ultra 7-10Yrs

Victory

Alibaba HK SDR 5to1

Meli: Profit miss? It might just be the 'growing pains' before victory.

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AMZN

89618

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HJDD

In Dolphin Research's previous and middle coverage of Mercado Libre—one of the largest comprehensive internet giants in Latin America (which can be reviewed through the link), we explored and analyzed the industry environment, market competition landscape, and business models of the company's two major pillars—e-commerce and financial credit business. In this concluding part, Dolphin will focus on recent company and industry dynamics, the outlook for the company's future performance, and finally, our views on the company's valuation and investment value. The detailed analysis is as follows: I. E-commerce segment 1. Efficiency improvement in fulfillment...

JD-SW

Amazon

JD-SWR

JD.com

Direxion Daily AMZN Bull 2X Shares

JD HK SDR 10to1

Latin America's Alibaba Mercado: Alibaba's 'face', Amazon's 'core'?

Deep Research

In the previous coverage study by Dolphin Research on Mercado Libre, the largest internet company in Latin America, the focus was primarily on its e-commerce business, which serves as the cornerstone of its two main pillars. However, for the current Meli, the other pillar—its financial business—might be more influential in determining the company's future growth potential and whether its market value can reach new heights. Therefore, in this article, Dolphin Research will delve into a detailed exploration of the company's financial business. Simply put, the company's financial business is composed of two major segments: payments and credit...

Latin American 'Alibaba' Meli: 'Fake' E-commerce, 'Real' Lending?

The following is the Q2 2025 earnings call minutes for $Mercadolibre(MELI.US). For financial report interpretation, please refer to &#34;Growth or Profit? The Choice of 'Latin American Alibaba' Mercado&#34;. 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Key Information from Executive Statements Business Advancement Pace: 1) E-commerce Platform: ▪ In Brazil, the company has lowered the free shipping threshold for the third time in five years. This strategic move aims to attract new users to its e-commerce platform, increase engagement from existing buyers, and expand the range of products. After the implementation of the new pricing...

Mercado (Minutes): It is not yet certain whether the free shipping threshold will be lowered in other markets.

The Latin American version of 'Alibaba'—Mercado Libre (hereafter referred to as $Mercadolibre(MELI.US)) released its Q2 2025 financial report after the U.S. stock market closed on August 5th. Although Dolphin Research has not yet fully covered Meli, they have provided a brief commentary on this quarter's performance for reference and tracking. Specifically: 1. One-sentence summary—Revenue growth without profit growth: This quarter, Meli's performance can be summarized as strong growth on the revenue side, but the accompanying expansion in costs and expenses led to a significant narrowing of profit margins, with final profit release falling short of expectations. Specifically...

Growth or Profit? The Dilemma of 'Latin America's Alibaba' Mercado

Mercado 2Q25 Quick Interpretation: Overall, this quarter's performance of the Latin American internet giant Meli remains robust and exceeds expectations; however, the cost is a decline in gross margin and an expansion in expense ratio, leading to a noticeable drop in profit margin, with actual operations underperforming expectations by 5%.Specifically:1) Total revenue for the quarter (denominated in USD) increased by approximately 34% year-on-year, although slightly slowing quarter-on-quarter, it was about 3% higher than expected.The growth drivers include significantly lowering the free shipping threshold in the Brazilian market for the e-commerce business (from R$79 to R$19); in the financial business, offering higher rebates based on user account balances to attract users.These factors collectively resulted in a year-on-year narrowing of the gross margin by a full 1 percentage point and an expansion of the expense ratio by 1.1 percentage points. Consequently, operating profit for the quarter grew by less than 14% year-on-year, falling into the issue of revenue growth without profit growth.2) In the e-commerce business, the number of active buyers and GMV for the quarter grew by approximately 25% and 21% year-on-year, respectively, with a slight acceleration quarter-on-quarter, both exceeding market expectations.It is evident that the performance on the growth side is commendable, reflecting the benefits of lowering the free shipping threshold.3) In the financial business, monthly active users grew by about 30% year-on-year, with total payment volume (TPV) and credit balance both experiencing strong growth in the mid-to-high double digits, exceeding expectations. The growth performance of the financial business is also very strong.The indicator reflecting credit profitability—NIMAL (net interest margin after loss) was about 23% this quarter, with a slight increase quarter-on-quarter.The anticipated market scenario of a decline in NIMAL due to an increased proportion of businesses with relatively small interest spreads, such as credit card business and premium user business, did not occur. $Mercadolibre(MELI.US)

Replica of Latin American version of 'Taobao' + 'Alipay'

Mercado: Latin America's Alibaba on a Long-Term Play for $100 Billion Market Cap

Mercadolibre released FY2025 9 Months earnings on October 29 Pre-Market (EST), actual revenue USD 20.13 B, actual EPS USD 28.3603

Mercadolibre released FY2025 Q3 earnings on October 29 Pre-Market (EST), actual revenue USD 7.409 B (forecast USD 7.207 B), actual EPS USD 8.3041 (forecast USD 9.2969)

Mercadolibre to Release FY2025 Q3 Earnings on October 29 Pre-Market EST, Forecast Revenue USD 7.207 B, EPS USD 9.2969

Mercadolibre released FY2025 Q2 earnings on August 5 After-Market (EST), actual revenue USD 6.79 B (forecast USD 6.664 B), actual EPS USD 10.3099 (forecast USD 11.8862)

Mercadolibre released FY2025 Semi-Annual earnings on August 5 After-Market EST, actual revenue USD 12.73 B, actual EPS USD 20.0602

Mercadolibre to Release FY2025 Q2 Earnings on July 31 After-Market EST, Forecast Revenue USD 6.581 B, EPS USD 11.9321

Goldman Sachs Maintains MELI's 'Buy' Rating and Raises Target Price to $3000

Mercadolibre released FY2025 Q1 earnings on May 7 After-Market EST, actual revenue USD 5.935 B (forecast USD 5.521 B), actual EPS USD 9.74 (forecast USD 8.2714)

Mercadolibre to release FY2025 Q1 earnings on May 7 After-Market EST, forecast revenue USD 5.521 B, EPS USD 8.2714

Mercadolibre released FY2024 earnings on February 20 After-Market (EST), actual revenue $20.78B (forecast $20.67B), actual EPS $37.6899 (forecast $33.232)

Mercadolibre released FY2024 Q4 earnings on February 20 After-Market (EST), actual revenue $6.059B (forecast $5.941B), actual EPS $12.6 (forecast $7.5586)

Mercadolibre to Release FY2024 Q4 Earnings on February 20 After-Market EST, Forecast Revenue 5.886 B USD, EPS 7.591 USD

Mercadolibre released FY2024 9 Months Earnings on November 6, 2024, with actual revenue of 14.718B USD and EPS of 25.0839

Mercadolibre released FY2024 Q3 earnings on November 6 (EST), actual revenue $5.312B (forecast $5.282B), actual EPS $7.83 (forecast $9.8479)

Mercadolibre to Release FY2024 Q3 Earnings on November 5, 2024 (EST), Forecast Revenue 5.282 B USD, EPS 9.8479 USD

Goldman Sachs Warns of Potential Tech Stock Sell-off

StockNews.com downgrades rating of MercadoLibre from 'Buy' to 'Hold'

Investors take a bullish stance on Latin American business services

Costco and Latin American Business Services are the main candidates for stock spin-offs