Mercado Libre reported its first-quarter results yesterday. Its net revenues grew 114% to $1.4 billion. It sold 222 million items, an increase of 110.2% compared to the same period in 2020. Mercado Pago processed $14.7 billion in transactions, up 81.8%. However, the e-commerce giant lost $34 million in the quarter, a net loss of $0.68 per share. The foreign exchange loss of $15.1 million is attributable to the additional cost of accessing dollars through an indirect mechanism due to restrictions imposed by the Argentine government on the purchase of dollars at the official exchange rate.