MELI is trading at $1509.87 (-4.37%) as concerns over margin compression continue to weigh on the stock following its Q1 earnings report.
- While the company reported strong revenue growth, it was unable to offset investor worries regarding shrinking profitability and rising costs.
- The decline follows a 7-day pattern of sharp volatility and occurs amid a mildly negative broader market, with the S&P 500 down 0.26%.
- Shares have broken below the $1513 level cited in recent market updates, extending the downward pressure seen since early May.