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Benzinga

Business

Melanie Schaffer

Why 'Amazon of Argentina' MercadoLibre Stock Looks Set To Bounce

MercadoLibre Argentina Nasdaq

MercadoLibre, Inc (NASDAQ:MELI) was plummeting an additional 13% lower on Monday to reach a 52-week low, after having plunged over 10% between May 5 and the start of the trading day.

On May 5, the Argentina-based e-commerce company, with a similar business model to Amazon, Inc (NASDAQ:AMZN), printed mixed first-quarter earnings. For that quarter, MercadoLibre reported earnings per share of $1.30, which missed the consensus estimate of $1.35. The company reported sales of $2.25 billion, beating the $2.02 billion estimate.

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