Argentina-based e-commerce site Mercado Libre is making waves with an impressive earnings report, with its third-quarter earnings of $22.8 million

The site, founded by entrepreneur Marcos Galperin, reports that these earnings exceed last year’s earnings during the same period by over 70%.

The company’s net income reached $2.8 million, a huge boost over last year’s mere $38,000. The site now has over 23 million registered users and is the largest e-commerce property in Latin America.

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