MercadoLibre (MELI), the Latin American ecommerce and fintech operator, saw its share price respond to excellent operational execution that resulted in 2022 being, by some distance, the best year in the company’s history. In 2022, their fintech arm processed more than $100bn in payments, the company booked $10bn in revenues and exceeded $1bn in operating income. Another huge milestone was exceeding 1 billion items shipped. Their base of Gross Merchandise Value (GMV) is up 2.5x from the 2019 year and fintech revenues are up almost five times over the same period. The investment in logistics means they have almost doubled the proportion of GMV delivered within 48 hours, from 44% to 80% since 2019. We remain very excited by the prospects for MELI despite the strong absolute share price move.