MercadoLibre Stock Falls 11%

(RTTNews) - MercadoLibre, Inc. (MELI) shares dropped 11.38 percent to $1,657.29, down $212.72 on Friday, possibly after the company reported lower first-quarter profit despite strong revenue growth yesterday.

The stock is currently trading at $1,657.29, compared to a previous close of $1,870.01 on the Nasdaq. It opened at $1,685.00 and traded between $1,640.00 and $1,704.19 during the session, with volume reaching 778,219 shares.

The company reported net income of $417 million, or $8.23 per share, down from $494 million, or $9.74 per share, last year. Adjusted EBITDA also declined to $857 million from $935 million. However, net revenues and financial income rose sharply to $8.85 billion, while total payment volume increased 50 percent and gross merchandise volume climbed 42 percent.

The stock has traded between $1,593.21 and $2,645.22 over the past 52 weeks.