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Analyst
Irma Sgarz
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 9on tracked calls
- Challenge rate
- 11%1 of 9 questionsLimited sample
- Companies
- 1questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 9 of 9 questions from 1 company
MELIMercadoLibre9 questions · 7 reporting periods · 1 of 9 challenging
Calendar 2026 Q2
how much scope do you see to adjust pricing to pass these cost pressures through to consumers?
Show response
Martin walked through sequential margin drivers (credit improvement offset by Brazil commerce investments, acquiring device costs, energy) and addressed pass-through directly.
Calendar 2026 Q1
could you just help us understand what perhaps changed from the fourth quarter that you reported in late February to now
Show response
Martin explained philosophy unchanged, results from credit cards and commerce improving, not optimizing short-term margins. Addressed both margin level and philosophy directly.
Calendar 2025 Q4
quick question on the direct contribution margin in Argentina, which was down a little bit quarter-over-quarter
Show response
Martin attributed Argentina margin compression to new fulfillment center costs, credit card provisioning from mid-2025 launch, and higher YoY funding costs.
how you think about the risks and preparing for some of those risks of ad monetization moving further up the funnel
Show response
Ariel argued end-to-end experience matters more than any single AI capability. MELI building own agentic experience plus extending ad tech to third parties via Google, Disney, Roku, HBO Max.
Calendar 2025 Q3
can you break down increase by brand-new users versus those that were previously active users, but perhaps not at each and every quarter
Show response
Ariel clarified 4M were Brazil-specific new buyers; total LatAm was 7.8M new buyers. Martin confirmed marketing spend at ~11% of revenue, in line with Q2.
Calendar 2025 Q2
should we think about the spend of this quarter as a little bit of a -- I don't want to call it one-off, but as maybe perhaps a slight outlier
Show response
Martin attributed the compression to celebrity campaigns, free shipping promotion, paid advertising, and content creator programs, a mix of ongoing and one-off investments.
Calendar 2025 Q1
1P GMV posted some really solid growth. Can you talk a little bit in more detail about what drove this growth and what categories perhaps contributed more
Show response
Ariel explained 1P growth driven by improved selection, price competitiveness, and automation. Supermarket grew 65% YoY, fastest category, with improving unit economics in 1P.
Calendar 2024 Q4
how you think or encourage us to think about tailwinds and headwinds for margin in this geography in 2025
Show response
Martin highlighted Argentina's strong recovery with items sold growing 18% in Q4 and credit book quadrupling, noting Argentina is a higher-margin country.
in Brazil, the contribution margin was down a bit year-over-year, if my quick glance was okay
Show response
Response was partially interrupted by technical difficulties. Martin reframed as long-term margin optimization rather than addressing the specific Brazil margin question directly.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| MELI MercadoLibre | 9 | 11%1 of 9 questions |
- MELIMercadoLibre · 9 questions11%1 of 9 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | 1 | 0%none of 1 question | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
| 2026 Q2 | 1 | 100%1 of 1 question | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q21 question · challenge rate 100% (1 of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Margin7
- Capex Investment2
- Macroeconomic2
- Revenue Growth2
- Pricing1
- Cost Pressure1
- Innovation & R&D1
- Subscriber Growth1
- Demand1
- Credit1