MercadoLibre, Inc. (NASDAQ:MELI) Q3 2024 Earnings Conference Call November 6, 2024 5:00 PM ET
Company Participants
Richard Cathcart - Investor Relations Officer
Marcos Galperín - CEO
Martin de los Santos - CFO
Osvaldo Gimenez - Fintech President
Ariel Szarfsztejn - Commerce President
Conference Call Participants
Irma Sgarz - Goldman Sachs
Andrew Ruben - Morgan Stanley
Maria Clara Infantozzi - Itaú
Geoffrey Elliott - Autonomous
Jamie Friedman - Susquehanna
Craig Maurer - FT Partners
Deepak Mathivanan - Cantor Fitzgerald
Neha Agarwala - HSBC
Robert Ford - Bank of America
Joao Soares - Citi
Josh Beck - Raymond James
Operator
Good evening, and welcome to MercadoLibre's Q3 2024 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Richard Cathcart, Investor Relations Officer. Please go ahead.
Richard Cathcart
Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended September 30, 2024. Thank you for joining us. I'm Richard Cascade, MercadoLibre's Investor Relations Officer. Today, we will share our quarterly highlights on video, after which we will begin our live Q&A session with our management team.
Before we go on to discuss our results for the third quarter of 2024, I remind you that management may make or refer to, and this presentation may contain forward-looking statements and non-GAAP measures. So please refer to the disclaimer on screen, which will also be available in our earnings materials on our Investor Relations website.
With that, let's begin with the summary of our results.
Marcos Galperín
Hello, everyone. I am pleased to share that MercadoLibre had a later quarter of outstanding growth. We had an excellent quarter across all of our businesses and geographies. So the strong performance was really all around. With these results, we reinforced our position as the leading e-commerce and fintech platform in Latin America.
Every time we have invested in enhancing our customer experience, in the past, we have been rewarded with strong growth and improvements in our market position. In this quarter, we continue to make strategic investments in our platform, both again, commerce and fintech and the resulted in GMV growth of 34% year-on-year in Brazil and 27% in Mexico. This also resulted in market share gains in both countries.
In Argentina, items sold grew at 16%, and we surpassed the 60 million items sold in our platform, which is the highest ever volume. We continue to see improvements of the Argentinian market. We have added a record of almost 7 million new buyers into our platform. This is a number higher than the number that we saw during the peak of the pandemic. So let me be clear on that, not even during the explosion of demand that we experienced in the pandemic, we saw a number of new users at this level.