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JPMorgan says competition is the common thread behind Mercado Libre's second-quarter operating margin sliding from 12.2% to 6.7%.
- Shipping subsidies and a lower seller take rate explain 3.8 of the 5.5 points lost, roughly 70% of the drop.
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Revenue still jumped 50% to $10.2 billion, and the company calls the thin margin a deliberate investment in growth.
Mercado Libre's profitability slid in the second quarter of 2026 as rivals pushed it to spend more on getting orders to customers, according to a new JPMorgan analysis reported by Infobae this week. The Latin American e-commerce and fintech group booked its first $10 billion quarter, but the bank argues that the expansion came at a steep cost to earnings.
