(Bloomberg) — Latin American e-commerce retailer MercadoLibre Inc. grew its revenue more than expected and gained market share in Brazil even as Asian players continue to strengthen their footprint in the company’s largest market.
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MercadoLibre posted a net revenue of $2.1 billion in the fourth quarter, a 61% increase from a year earlier and slightly above analyst estimate of $2 billion, according to a statement Tuesday. The company reported gross merchandise volume of $8 billion, roughly in line with expectations, fueled by growth in Brazil, where firms including Sea Ltd.’s Shopee e-commerce platform have been building up their local operations.
“We’ve gained share in Brazil, even with the Asian players,” said Andre Chaves, a senior vice president at the Buenos Aires-based firm, in an interview. “We look at competition carefully and we try to learn,…
