Archive

Q4 2011

• MELI Q4 2011 Every Segment Got a Better Margin in 2011 - So Why Did Full-Year Operating Margin Fall Anyway?Feb 28

Q3 2011

• MELI Q3 2011 Brazil's Margin Relapse Fully Reversed - So Why Did Unallocated Costs Grow Even Faster?Nov 04

Q2 2011

• MELI Q2 2011 Brazil's Margin Just Undid the Recovery Story Told Last QuarterAug 08

Q1 2011

• MELI Q1 2011 The Segments Recovered From Free Payments - So Why Did Operating Margin Fall Again?May 24

Q4 2010

• MELI Q4 2010 It Declared Its First-Ever Dividend the Same Quarter Its Own Bull Case Still Couldn't Clear the Stock PriceFeb 25

Q3 2010

• MELI Q3 2010 It Just Made Payments Free in Its Two Biggest Markets — And Every Segment Margin Absorbed the BillNov 20

Q2 2010

• MELI Q2 2010 The Business That Was Supposed to Fix the Take-Rate Problem Just Got Less Profitable TooAug 23

Q1 2010

• MELI Q1 2010 The One Number That Always Rose in This Coverage Just FellMay 24

Q4 2009

• MELI Q4 2009 The First Real DCF This Coverage Could Ever Run Says the Rally's Gone Too FarFeb 26

Q3 2009

• MELI Q3 2009 The Currency Gap Finally Narrowed, But the Stock Priced In Even More Than ThatNov 06

Q2 2009

• MELI Q2 2009 The Margins Finally Snapped Back, Right As a Brazilian Judge Ruled Against the Safe-Harbor DefenseAug 07

Q1 2009

• MELI Q1 2009 The Currency Wiped Out Two-Thirds of Real Growth This QuarterMay 11
• ISAT Q1 2009 An 80% Profit Collapse That Had Nothing to Do With the BusinessApr 17

Q4 2008

• MELI Q4 2008 Did the 2008 Crash Finally Show Up in the Numbers?Feb 27

Q3 2008

• MELI Q3 2008 The Quarter Every Metric Improved, and the Stock Fell 41% AnywayNov 12

Q2 2008

• MELI Q2 2008 The Cash Flow Reversal Reversed Again, and This Time Margin Went With ItAug 13

Q1 2008

• MELI Q1 2008 The Rally Reversed Itself, But the Cash Flow Problem Didn't Come Back With ItMay 15

Q4 2007

• MELI Q4 2007 The Stock Rallied 104% in One Quarter, But Free Cash Flow Barely MovedMar 31

Q3 2007

• MELI Q3 2007 A 44% Stock Swing Inside Its First Ten Weeks of Trading, and a 74x Jump in Net IncomeNov 14

Q2 2007

• MELI Q2 2007 An IPO Where Insiders Sold Five Times More Stock Than the Company ItselfOct 10