Key takeaways
- Shipping cost per unit in Brazil fell by 5% even as spending rose, but the upfront margin cost of that logistics build-out remains unresolved.
- On its third-quarter 2026 earnings call, held on Nov. 4, 2026, MercadoLibre (MELI) announced an FX-neutral revenue increase of 41% year over year alongside $676 million in operating income.
- Despite these short-term shipping headwinds, shipping cost per unit in Brazil dropped 5% year over year on an FX-neutral basis.
Fulfillment square meters increased nearly 20% quarter-over-quarter ahead of peak season. Orders through the Brazil affiliate marketing channel grew 240% year-over-year.
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