MercadoLibre (MELI) stock tumbled late Wednesday, after the Latin American e-commerce company reported third quarter earnings that were below expectations, despite sales that beat consensus.
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MercadoLibre said that it earned an adjusted $7.83 per share on sales of $5.31 billion for the September-ended quarter. Analysts polled by FactSet projected the Uruguay-based company would post adjusted earnings of $10.00 per share on sales of $5.28 billion.
For the same period a year earlier, MercadoLibre posted adjusted earnings of $7.16 per share on sales of $3.76 billion.
On the stock market today, MercadoLibre stock is down more than 11% at 1,880 in recent after-hours action.
More earnings coverage to come.
MercadoLibre Stock: Technical Ratings
Prior to earnings, MercadoLibre gained 1.3% in Wednesday trading. Shares have gained 34% year-to-date.
MercadoLibre stock is trading below a 2161.73 flat base buy point, according to MarketSurge.
Coming into the report, MercadoLibre stock had an IBD Composite Rating of 98 out of a best-possible 99, according to IBD Stock Checkup. The score combines five separate proprietary ratings into one rating. The best growth stocks have a Composite Rating of 90 or better.
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