MercadoLibre NASDAQ: MELI, often referred to as the Amazon NYSE: AMZN of Latin America, may be approaching discount territory. The stock has fallen almost 40% from its all-time high and is now down nearly 20% year to date.
Amazon leads the way in e-commerce and cloud computing, but massive artificial intelligence (AI) and cloud-related investments may have worried some investors. MercadoLibre is adept at turning challenges into business opportunities, but rising expenses dampened profit growth last year.
The Nasdaq has officially entered a correction, meaning it is down 10% from its highs. MercadoLibre is down even further despite its fantastic business performance.
Mercado Pago, the fintech arm of e-commerce firm MercadoLibre , said on Tuesday it is discontinuing its cryptocurrency, called Mercado Coin, which it had launched in 2022 as part of its loyalty program.
After four years, Mercado Libre is reportedly phasing out its in-house cryptocurrency offering Mercado Coin. That's according to a report Tuesday (March 31) from Coindesk, citing a notification from the eCommerce company's digital wallet.