This E-Commerce Powerhouse Just Stuck a Pin in the Downturn

A trifecta of tough comps, high inflation, and rising interest rates created a perfect storm of slowing growth and lukewarm demand for nearly every digital retailer -- and their stocks. Net sales for Amazon increased just 9% year over year, but back out the results of Amazon Web Services -- its cloud computing business -- and revenue climbed an even more tepid 6%. If you haven't guessed by now, the company in question is MercadoLibre (NASDAQ: MELI), the leading digital retailer in Latin America.