MercadoLibre investors brushed off a second-quarter report that missed estimates for profit, betting on the Latin American e-commerce giant’s long-term strategy https://t.co/Y775Ry3y5I ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides MercadoLibre's unaudited interim condensed consolidated financial statements and management's discussion for the periods ended June 30, 2025 and 2024 [Item 1. Financial Statements](index=4&type=section&id=ITEM%201%20%E2%80%94%20UNAUDITED%20INTERIM%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents MercadoLibre's unaudited interim condensed consolidated financial statements, including balance sheets, income statements, and cash flows, with detailed accounting policy notes Consolidated Balance Sheet Highlights (in millions USD) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $26,062 | $20,142 | | Loans receivable, net | $6,884 | $4,895 | | **Total Assets** | **$32,948** | **$25,196** | | **Total Current Liabilities** | $21,750 | $16,603 | | Funds payable to customers | $9,379 | $6,954 | | **Total Liabilities** | **$27,235** | **$20,845** | | **Total Equity** | **$5,713** | **$4,351** | Consolidated Income Statement Highlights (in millions USD, except EPS) | Income Statement Item | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues and Financial Income** | $6,790 | $5,073 | $12,725 | $9,406 | | **Gross Profit** | $3,094 | $2,365 | $5,865 | $4,389 | | **Income from Operations** | $825 | $726 | $1,588 | $1,254 | | **Net Income** | $523 | $531 | $1,017 | $875 | | **Diluted EPS** | $10.31 | $10.48 | $20.06 | $17.26 | Consolidated Cash Flow Highlights (YTD, in millions USD) | Cash Flow Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $3,948 | $3,394 | | **Net Cash used in Investing Activities** | $(3,067) | $(3,551) | | **Net Cash from Financing Activities** | $1,078 | $476 | | **Net Increase/(Decrease) in Cash** | $2,189 | $(25) | [Note 1. Nature of Business](index=11&type=section&id=NOTE%201.%20NATURE%20OF%20BUSINESS) MercadoLibre operates as Latin America's largest online commerce and fintech ecosystem, offering diverse services across 18 e-commerce and 8 fintech countries - The company's ecosystem includes its **marketplace platform**, **Mercado Pago** (fintech), **Mercado Envios** (logistics), **Mercado Ads** (advertising), and **Mercado Shops** (online web-stores)[21](index=21&type=chunk)[22](index=22&type=chunk) - As of **June 30, 2025**, the e-commerce platform operates in **18 countries**, while the Mercado Pago fintech platform is active in key markets including Argentina, Brazil, Mexico, Colombia, Chile, Peru, Uruguay, and Ecuador[23](index=23&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=11&type=section&id=NOTE%202.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note details key accounting policies, including U.S. GAAP adherence, U.S. dollar functional currency for Argentine operations, and the increased effective tax rate in Q2 2025 - Argentina's operations are treated as highly inflationary, using the U.S. dollar as the functional currency since **July 1, 2018**, with the country's inflation rate at **15.1%** for the first six months of **2025**[38](index=38&type=chunk) - The consolidated estimated effective tax rate for **Q2 2025** was **27.0%**, up from **20.5%** in **Q2 2024**, and for the six-month period, the rate was **28.5%** in **2025**, up from **23.8%** in **2024**[43](index=43&type=chunk) - On **July 4, 2025**, the "One Big Beautiful Bill Act" (OBBBA) was signed into law, which modifies certain international tax provisions, and the company is currently assessing its potential impact[47](index=47&type=chunk) [Note 3. Fintech Regulations](index=15&type=section&id=NOTE%203.%20FINTECH%20REGULATIONS) The company is actively seeking regulatory approvals to expand fintech services, including a banking license in Argentina, an investment funds management license in Mexico, and a stablecoin license in Bermuda - In Argentina, the company applied for a banking license in **June 2025**, which is currently under review by the Central Bank of Argentina (CBA)[58](index=58&type=chunk) - In Mexico, an authorization request was submitted in **March 2025** to operate as an investment funds management company[56](index=56&type=chunk) - The Bermuda Monetary Authority granted a conditional Digital Asset Business (DAB) license in **July 2025** for the issuance of the company's stablecoin, Meli Dólar[61](index=61&type=chunk) [Note 5. Loans Receivable, Net](index=19&type=section&id=NOTE%205.%20LOANS%20RECEIVABLE%2C%20NET) The company's loans receivable portfolio significantly grew to **$9.35 billion** by June 30, 2025, driven by credit card and consumer loan expansion, leading to a **$2.46 billion** allowance for doubtful accounts Loans Receivable Composition (in millions USD) | Loan Type | Gross Receivable (June 30, 2025) | Gross Receivable (Dec 31, 2024) | | :--- | :--- | :--- | | Merchant | $1,595 | $1,205 | | Consumer | $3,525 | $2,591 | | Credit cards | $4,013 | $2,639 | | Asset-backed | $214 | $138 | | **Total** | **$9,347** | **$6,573** | Allowance for Doubtful Accounts Activity (YTD 2025, in millions USD) | Activity | Amount | | :--- | :--- | | Balance at beginning of year | $1,678 | | Net charged to Net Income | $1,287 | | Write-offs | $(716) | | **Balance at end of period** | **$2,463** | - The company is exposed to off-balance sheet credit risk from unused credit card loan commitments, which amounted to **$5.01 billion** as of **June 30, 2025**, up from **$2.87 billion** at the end of **2024**[70](index=70&type=chunk) [Note 8. Segments](index=22&type=section&id=NOTE%208.%20SEGMENTS) The company evaluates performance geographically, with Argentina showing the highest direct contribution margin at **45.0%** for the first six months of 2025, despite Brazil remaining the largest segment by net revenue Segment Performance (Six Months Ended June 30, 2025, in millions USD) | Segment | Net Revenues & Financial Income | Direct Contribution | Margin % | | :--- | :--- | :--- | :--- | | Brazil | $6,555 | $1,083 | 16.5% | | Mexico | $2,728 | $485 | 17.8% | | Argentina | $2,909 | $1,309 | 45.0% | | Other Countries | $533 | $73 | 13.7% | | **Total** | **$12,725** | **$2,950** | **23.2%** | Revenue by Stream (Six Months Ended June 30, 2025, in millions USD) | Revenue Stream | Brazil | Mexico | Argentina | Total | | :--- | :--- | :--- | :--- | :--- | | Commerce | $3,996 | $1,770 | $994 | $7,142 | | Fintech | $2,559 | $958 | $1,915 | $5,583 | | **Total** | **$6,555** | **$2,728** | **$2,909** | **$12,725** | [Note 10. Commitments and Contingencies](index=30&type=section&id=NOTE%2010.%20COMMITMENTS%20AND%20CONTINGENCIES) The company has accrued **$161 million** for probable legal liabilities and faces **$2.78 billion** in cloud service commitments and **$263 million** for air logistics - As of **June 30, 2025**, the company accrued **$161 million** for probable legal contingencies and estimated a further **$380 million** for reasonably possible losses[102](index=102&type=chunk)[103](index=103&type=chunk) - The company has a remaining purchase commitment of **$2.78 billion** for cloud platform and technology services[112](index=112&type=chunk) - A **10-year** agreement with Gol Linhas Aereas S.A. for air logistics has a remaining commitment of **$263 million**[113](index=113&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=44&type=section&id=ITEM%202%20%E2%80%94%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's financial performance, noting a **33.8%** YoY net revenue increase in Q2 2025, driven by Commerce and Fintech growth, alongside an operating margin compression to **12.2%** due to credit and marketing investments [Results of Operations](index=46&type=section&id=Results%20of%20operations) Q2 2025 net revenues grew **33.8%** to **$6.79 billion**, while net income slightly decreased, and the operating margin compressed to **12.2%** due to increased credit and marketing investments Q2 2025 vs Q2 2024 Performance (in millions USD) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Revenues & Financial Income | $6,790 | $5,073 | 33.8% | | Gross Profit | $3,094 | $2,365 | 30.8% | | Income from Operations | $825 | $726 | 13.6% | | Net Income | $523 | $531 | (1.5)% | - The operating income margin for **Q2 2025** decreased to **12.2%** from **14.3%** in **Q2 2024**, primarily driven by the expansion of the credit card portfolio and marketing investments[215](index=215&type=chunk) - Provision for doubtful accounts increased by **56.9%** for the six-month period and **53.3%** for the three-month period, mainly due to credit origination growth of **58%** and **57%**, respectively[209](index=209&type=chunk) [Net Revenues and Financial Income Analysis](index=46&type=section&id=Net%20revenues%20and%20financial%20income) Q2 2025 net revenues and financial income reached **$6.79 billion**, a **33.8%** YoY increase, driven by **29.3%** Commerce and **40.3%** Fintech growth, with Argentina showing the highest nominal growth Q2 2025 Revenue Growth by Stream (YoY) | Revenue Stream | Q2 2025 (in millions) | % Growth (USD) | % Growth (FX Neutral) | | :--- | :--- | :--- | :--- | | Commerce | $3,839 | 29.3% | N/A | | Fintech | $2,951 | 40.3% | N/A | | **Total** | **$6,790** | **33.8%** | **52.7%** | - Fintech revenue growth was driven by an **$827 million** (YTD) increase in Credit revenues from higher originations and an **$811 million** (YTD) increase in Financial services and income, reflecting a **41%** rise in total payment volume[182](index=182&type=chunk) [Liquidity and Capital Resources](index=60&type=section&id=Liquidity%20and%20capital%20resources) As of June 30, 2025, the company's liquidity included **$3.97 billion** in cash and equivalents, with **$3.95 billion** net cash from operations for the first six months, supported by a **$400 million** undrawn revolving credit facility Cash Flow Summary (Six Months Ended June 30, in millions USD) | Cash Flow | 2025 | 2024 | | :--- | :--- | :--- | | From Operating Activities | $3,948 | $3,394 | | Used in Investing Activities | $(3,067) | $(3,551) | | From Financing Activities | $1,078 | $476 | - Capital expenditures for the first six months of **2025** were **$543 million**, up from **$332 million** in the same period of **2024**, primarily for logistics network and IT assets[257](index=257&type=chunk) - The company has an undrawn **$400 million** amended and restated revolving credit agreement available until **September 2028**[236](index=236&type=chunk) [Key Performance Indicators](index=65&type=section&id=Other%20data) Key performance indicators for Q2 2025 show strong growth, with Gross Merchandise Volume reaching **$15.3 billion**, Total Payment Volume **$64.6 billion**, and items sold increasing to **550 million** Key Performance Indicators (Q2 2025 vs Q2 2024) | Indicator | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Fintech monthly active users (millions) | 68 | 52 | | Unique active buyers (millions) | 71 | 57 | | Gross merchandise volume (billions) | $15.3 | $12.6 | | Number of items sold (millions) | 550 | 421 | | Total payment volume (billions) | $64.6 | $46.3 | | Total payment transactions (millions) | 3,607 | 2,675 | [Non-GAAP Measures](index=66&type=section&id=Non-GAAP%20Measures%20of%20Financial%20Performance) The company utilizes non-GAAP measures, reporting Q2 2025 Adjusted EBITDA at **$1.02 billion** and FX neutral net revenue growth of **52.7%** YoY Reconciliation of Net Income to Adjusted EBITDA (in millions USD) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income | $523 | $531 | $1,017 | $875 | | Adjustments | $501 | $349 | $942 | $687 | | **Adjusted EBITDA** | **$1,024** | **$880** | **$1,959** | **$1,562** | - Net debt increased to **$3.83 billion** as of **June 30, 2025**, from **$2.25 billion** at the end of **2024**[275](index=275&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=70&type=section&id=ITEM%203%20%E2%80%94%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces significant market risks from foreign currency fluctuations, primarily the Brazilian Real, Mexican Peso, and Argentine Peso, interest rate changes, and equity price risk from its Long Term Retention Program - The company is primarily exposed to foreign currency risk from the Brazilian Real, Mexican Peso, and Argentine Peso, with a sensitivity analysis showing a **10%** strengthening of the USD against these currencies would decrease net income for the six-month period from **$1.017 billion** to **$877 million**[286](index=286&type=chunk)[292](index=292&type=chunk)[293](index=293&type=chunk) - A hypothetical **100 basis point** increase in interest rates would have increased expenses by approximately **$24 million** for the six-month period ended **June 30, 2025**[302](index=302&type=chunk) - The company faces equity price risk from its LTRPs, with a total contractual obligation fair value of **$973 million** as of **June 30, 2025**, which fluctuates with the company's stock price[304](index=304&type=chunk) [Item 4. Controls and Procedures](index=73&type=section&id=ITEM%204%20%E2%80%94%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[308](index=308&type=chunk) - No changes in internal control over financial reporting occurred during the three-month period ended **June 30, 2025**, that have materially affected, or are reasonably likely to materially affect, internal controls[309](index=309&type=chunk) [PART II. OTHER INFORMATION](index=73&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other required disclosures, including legal proceedings, risk factors, and equity security sales [Other Information Items](index=73&type=section&id=OTHER%20INFORMATION%20ITEMS) This section addresses other required disclosures, referring to Note 10 for legal proceedings, confirming no material changes to risk factors, and reporting no unregistered equity sales or new Rule 10b5-1 plans - For legal proceedings, the company refers to Note 10 in the financial statements[310](index=310&type=chunk) - There have been no material changes in risk factors from those disclosed in the company's **2024 10-K**[310](index=310&type=chunk) - No issuer purchases of equity securities were made during the quarter ended **June 30, 2025**[311](index=311&type=chunk)

Core Insights - MercadoLibre (MELI) reported Q2 2025 earnings of $10.31 per share, missing estimates by 14.15% and down 1.6% year-over-year. Revenues increased by 33.8% year-over-year to $6.8 billion, surpassing estimates by 4.10% [1][10]. Revenue Breakdown - Total revenues were driven by commerce and fintech, growing 29.3% to $3.8 billion and 40.3% to $3 billion, respectively. Brazil and Mexico showed strong growth, with revenues up 29% and 32% year-over-year [2][10]. - Brazil generated $3.47 billion (51.1% of total revenues), up 24.7% year-over-year. Argentina's revenues soared 76.9% to $1.53 billion (22.5% of total revenues), while Mexico's revenues grew 25.4% to $1.51 billion (22.2% of total revenues) [5][10]. User Engagement and Growth Metrics - Fintech Monthly Active Users rose 30% year-over-year to 67.6 million, marking the seventh consecutive quarter of growth at or above this rate. Assets Under Management increased by 108.6% year-over-year to $13.8 billion [3][10]. - Total payment transactions increased by 34.8% year-over-year to 3.61 billion [8]. Financial Performance - Gross margin contracted by 105 basis points to 46% year-over-year. Operating expenses rose 38.4% to approximately $2.3 billion, expanding as a percentage of revenues to 33.4% [11]. - Operating margin contracted by 210 basis points to 12.2% year-over-year [11]. Market Performance - MELI's shares appreciated 33.9% year-to-date, outperforming the Internet-Commerce industry's return of 5% [4].

Group 1 - MercadoLibre's shares declined by 5.8% on August 4, 2025, following the announcement of its second-quarter earnings [2] - The decline in share price was primarily attributed to profit margins being under pressure due to increased investments aimed at growth [2] Group 2 - The Data Driven Investor focuses on uncovering alpha in the AI revolution while managing downside risk in a volatile tech landscape [2] - The investment group provides insights on growth and tech stocks, including options ideas for short-term income generation and quantitative stock strategies [2]

anywhere. Start streaming. Go to CNBC.com plus now. >> Welcome back everybody. Mercado Libre is Latin America's largest company by market value.The e-commerce giant reported earnings that missed estimates. Revenue growth of 34% did beat expectations, but the earnings of $10.31% came in below the 11.93% the street was expecting. Joining us right now to talk more about it is the company's CFO, Martin de Los Santos.And sir, thank you for being with us this morning. Let's talk a little bit about the stock's rea ...

MercadoLibre (MELI) reported $6.79 billion in revenue for the quarter ended June 2025, representing a year- over-year increase of 33.9%. EPS of $10.31 for the same period compares to $10.48 a year ago. Here is how MercadoLibre performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: View all Key Company Metrics for MercadoLibre here>>> Shares of MercadoLibre have returned -5.5% over the past month versus the Zacks S&P 500 composite's +0.6% c ...

This quarterly report represents an earnings surprise of -14.15%. A quarter ago, it was expected that this operator of an online marketplace and payments system in Latin America would post earnings of $7.67 per share when it actually produced earnings of $9.74, delivering a surprise of +26.99%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. MercadoLibre (MELI) came out with quarterly earnings of $10.31 per share, missing the Zacks Consensus Estimate of $12.01 per s ...

Financial Performance - In Q2, MercadoLibre reported revenue growth of over 30% year on year, with record income from operations of $825 million [4] - The company achieved accelerated GMV growth in June following the implementation of a new pricing strategy [5] - Advertising revenue grew by 38% year on year [5][6] Business Line Performance - Monthly active users of Mercado Pago reached 68 million, reflecting rapid user growth and increasing engagement [6] - The credit portfolio surpassed $9.3 billion, growing by 91% year on year, with a significant increase in credit card issuance [6][7] - The company reported that over half of its credit portfolio in Brazil is now NIM positive [8] Market Performance - In Brazil, the free shipping threshold was lowered for the third time in five years, which is expected to enhance user engagement and attract new customers [4][5] - Mexico experienced sharp GMV growth, with the number of items sold increasing at the fastest pace in almost two years [5] Strategic Direction and Industry Competition - The company is focused on bringing offline retail online by reducing frictions in the shopping experience [4] - There is a strong emphasis on integrating AI to improve marketing execution and advertising efficiency [21][22] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the long-term benefits of recent strategic initiatives, including the lower free shipping threshold and reduced seller fees [11][12] - The company is optimistic about the quality of its credit business, with NPLs falling below 7% for the first time since reporting began [7] Other Important Information - The company is investing heavily in marketing, with sales and marketing spend up nearly 50% year on year, driven by high-profile campaigns [15][18] - The integration with Google Manager is seen as a key milestone for Mercado Ads [6] Q&A Session Summary Question: Shipping changes and seller fees impact - Management noted that lowering seller fees has a positive impact on pricing and selection over time [11][12] Question: Sales and marketing spend - Increased spend is attributed to successful campaigns, but it has put short-term pressure on margins [17][19] Question: Low ASP strategy compared to Shopee - The company believes it has the widest selection in Brazil and is encouraged by the traction from new sellers [25][26] Question: Shipping strategy in other countries - Management indicated that each market is different, and they will evaluate the implementation of similar policies in Mexico and Argentina [30][32] Question: GMV acceleration in Brazil - Items sold in Brazil grew by 34% year on year in June, indicating a positive trend following the free shipping campaign [35][36] Question: NPLs and asset quality - Management is satisfied with the evolution of NPLs and the profitability of credit portfolios, despite some increases in longer-term NPLs [42][43] Question: Advertising growth and performance - Advertising revenues grew significantly, with display and video ads showing strong performance [46][47] Question: Credit card business profitability - The credit card business in Brazil is now NIM breakeven, with expectations for future growth in Argentina [58][59] Question: Funding mix for credit portfolio - The company is transitioning to more external funding for its credit card portfolio, which may impact NIM in the future [62]

Financial Data and Key Metrics Changes - In Q2 2025, MercadoLibre reported revenues growing over 30% year on year, with record income from operations of $825 million [3][4] - The credit portfolio surpassed $9.3 billion, growing by 91% year on year, while the credit card business specifically grew by 118% year on year [5][44] Business Line Data and Key Metrics Changes - E-commerce GMV growth accelerated in June, particularly in Brazil, where items sold increased by 34% year on year [35] - Advertising revenue grew by 38% year on year, with off-platform ads showing strong early trends [4][47] Market Data and Key Metrics Changes - Monthly active users of Mercado Pago reached 68 million, reflecting rapid user growth and increasing engagement [5] - The integration with Google Manager was launched, positioning Mercado Ads as a strategic partner for brand-focused advertisers [4] Company Strategy and Development Direction - The company lowered the free shipping threshold in Brazil to enhance user engagement and attract new customers [4][36] - There is a focus on leveraging AI to improve marketing execution and ad spend efficiency [20][21] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of the e-commerce platform, emphasizing the importance of free shipping in driving customer satisfaction and retention [37][80] - The company is optimistic about the credit business, with stable asset quality and a positive outlook on credit issuance [44][54] Other Important Information - The company has seen a significant increase in sales and marketing spend, up nearly 50% in U.S. dollar terms, attributed to high-profile campaigns [14][17] - The NPL ratio for the credit portfolio remains stable, with improvements in asset quality noted [43][44] Q&A Session Summary Question: Shipping changes and seller fees impact - Management explained that lowering seller fees has a positive impact on pricing and selection over time, smoothing the fee structure [10][11][12] Question: Sales and marketing spend - The increase in sales and marketing spend is a combination of ongoing user acquisition investments and specific high-profile campaigns [18][19] Question: Low ASP strategy compared to Shopee - Management believes they have the widest selection in Brazil and is encouraged by the traction from new sellers and listings [25][26] Question: Shipping strategy in other countries - Each market is different, and while they will evaluate the success of the Brazilian strategy, there are no commitments to replicate it in other countries [31][32] Question: GMV acceleration in Brazil - Management confirmed that GMV in Brazil accelerated following the free shipping campaign, with positive trends in traffic and buyer engagement [35][36] Question: Pricing impact on consumers - Most of the reduction in seller fees has been passed on to consumers, resulting in lower prices on the platform [42] Question: Credit quality and NPLs - NPLs have shown a slight increase in the over 90 days category, but overall asset quality remains strong, with a focus on improving credit models [43][44] Question: Advertising revenue growth - Advertising revenues grew significantly, with Argentina narrowing the gap with Brazil and Mexico due to improved macro conditions and team execution [47][48] Question: Credit card business profitability - The credit card business in Brazil is now breakeven, with expectations for future profitability as the business expands into Argentina [59][60] Question: Funding mix for credit portfolio - The company is shifting towards third-party funding for credit cards, which will impact the net interest margin in the future [63] Question: Infrastructure adaptation for lower ASP products - The company is focused on improving unit economics and believes that the long-term benefits of increased engagement will outweigh short-term profitability concerns [68][69]

MercadoLibre, Inc. MELI released its second-quarter results after Monday's closing bell. Here's a look at the key details from the report.  MELI stock is down after-hours. Track it now here.The Details: MercadoLibre reported quarterly earnings of $10.31 per share which missed the analyst consensus estimate of $12. Quarterly revenue came in at $6.79 billion, which beat the Street estimate of $6.55 billion and is up from $5.07 billion from the same period last year.Read Next: Opendoor Stock Soars As It Dodges ...