Advertising ExpansionThe advertising business is mostly product-level ads at this point, but newer efforts, including a partnership to place MELI ad inventory in ad-supported tiers of Disney+, show how much runway there is for that high-margin adjacency.
E-commerce GrowthMELI's logistics infrastructure and high service levels are driving e-commerce adoption in Latam, with disproportionate share gains to MELI.
Fintech PerformanceMercadolibre's active fintech users in Brazil increased by 46% year-over-year, significantly higher than PicPay's 10% growth.