For the year ended 31 December, net revenues were USD 651 million, up 17% year on year. Gross profit was USD 437 million, 10% year on year, and net income was USD 106 million, up 45% year on year.
However, growth slowed in the 4th quarter with net revenues being USD 181 million, up 12% year on year. Gross profit was USD 118 million, up only 3.5% year on year and net income was USD 40 million, up 17.6% year on year. The prime cause of the slowing growth has been the devaluation of local currencies versus the USD reporting currency. In local currencies, Q4 revenues actually grew by 69%.
The market responded adversely to the financial report with shares in MercardoLibre down 5% at the end of trading on Friday.
Pedro Arnt, Chief Financial Officer of MercadoLibre, Inc., commented, We exited 2015 on a favorable trajectory across all our major initiatives, allowing us to wrap up one of the strongest years ever in terms of executing the strategic vision we set forth for the company. As we delve into our 2016 plan and beyond, we remain constant in our belief that product driven innovation and a customer-centric culture across our BUs will be the cornerstones of our efforts during the year.
Full Year 2015 Business Highlights