The stock of MercadoLibre rose 8% on Friday as the Latin American e-commerce behemoth rode the pandemic wave and its multiple logistics and fintech projects to outperform analysts' expectations in the third quarter.

During the September quarter, the Argentine company set new records in gross merchandise volume, payment volume, and credit portfolio size.

The most generally used indicator to determine an e-commerce company's growth, gross merchandise volume, which represents the value of items sold on the platform, increased by 24% to $7.3 billion.Innovestor: MercadoLibre Deep-Dive

In the third quarter, it sold about 260 million products, up 26% year over year. The company's total number of unique active users increased by more than 3% to 78.7 million.

Argentina (up 38%), Mexico (up 94%), and Brazil (up 94%) also had high revenue growth (74% ). In comparison to the previous quarter, all three geographies saw an increase in transactions per buyer. Nike, Enjoei, Nivea, and PlayStation products were introduced to the company's marketplace in Brazil, as well as Apple, Samsung, and Asics to its Mexico platform.

To compete with Amazon and domestic brand Magazine Luiza, the company opened another fulfillment center in Mexico.

The third quarter's net revenue increased by more than 66% to $1.9 billion. The adjusted profit per share was $1.92, exceeding expectations.