Mercado Libre sees Q1 profit dip despite revenue surge

​Mercado ‌Libre on Thursday posted ​a first quarter ‌net profit of $417 million, a 15.6% drop compared to a ‌year earlier and ‌below analyst expectations as the Latin American e-commerce and ⁠fintech company ​poured ⁠money into logistics, credit expansion ⁠and free shipping.

The company, which ​runs an online shopping platform ⁠and financial tech arm Mercado ⁠Pago, ​reported a 49% jump in revenues to $8.8 ⁠billion for the January-to-March ⁠quarter, ⁠surpassing analysts' $8.3 billion projections.