Shares of MercadoLibre (NASDAQ:MELI) gained in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $5.16, which beat/missed analysts’ consensus estimate of $4.34 per share.
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Sales increased by 32% year-over-year, with revenue hitting $3.42 billion. This beat analysts’ expectations by $150 million. Furthermore, Total Payment Volume and Gross Merchandise Volume increased by 96.6% and 47.2%, respectively, on an FX-neutral year-over-year basis.
Overall, Wall Street has a consensus price target of $1,518.50 on MELI stock, implying 30.23% upside potential, as indicated by the graphic above.