What happened Shares of MercadoLibre (NASDAQ: MELI) surged 27.9% in November, according to data provided by S&P Global Market Intelligence. The Latin American e-commerce company's stock continues to hit new all-time highs and is up more than 150% year to date. Image source: Getty Images. So what MercadoLibre announced a sparkling set of numbers during its third-quarter earnings release. Net revenue for the quarter soared 85% year over year to $1.1 billion, driven by higher e-commerce adoption, and was the highest growth rate ever recorded by the company. Net income came up to $83.1 million, reversing from a loss of $81.9 million during the same period last year. What was more impressive though, and has longer-term implications for the business, was the growth in both the number of users, gross merchandise value (GMV), and total payment volume (TPV). These metrics reflect the growth in the use of MercadoLibre's various platforms, which strengthen its network effect. Unique active users grew 92% year over year to hit 76.1 million, with 16.8 million being added during the third quarter alone. GMV grew by 62.1% year over year to $5.9 billion, while TPV nearly doubled to $14.5 billion from $7.6 billion a year ago. These numbers reflect the strong uptick in e-commerce and digital payment services, fueled by the ongoing pandemic. Now what The company continues to grow its presence in Latin America. Just a month ago, MercadoLibre obtained a license to operate as a financial institution in Brazil, a move that will help it to expand the range of credit offerings for customers. As part of its shift to become a data-driven company, MercadoLibre selected Amazon Web Services (AWS), a division of Amazon.com (NASDAQ: AMZN), as its primary cloud provider. The company is attempting to glean insights from more than 20 years of data gathered across its platforms, marketplaces, and software services, and hopes to come up with ideas that can help it to further improve customers' experiences. 10 stocks we like better than MercadoLibreWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and MercadoLibre wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Royston Yang has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon and MercadoLibre and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool has a disclosure policy.Source