MercadoLibre (NASDAQ:MELI) shares dropped more than 12% intra-day today after the company announced its fourth-quarter financial results.

For the quarter, the company achieved an earnings per share (EPS) of $7.39, when excluding certain items, outperforming the expected $7.07 by analysts. Its revenue reached $4.26 billion, surpassing the anticipated $4.14 billion.

Despite the uptick in sales, the company’s net profit remained steady at $165 million, mirroring the figure from the same quarter last year. Exceptional tax provisions in Brazil, amounting to $351 million, influenced the company’s net profit, which was below the $356 million forecasted by analysts. Without the tax provisions, MercadoLibre’s net profit for the quarter would have escalated to $383 million.

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