** Shares of Latin American e-commerce company MercadoLibre MELI.O jump 6.9% to $2418.03, touching record highs

** MELI reports Q1 rev. of $5.9 bln, rising 37% YoY and beats analysts' estimate of $5.51 bln, according to data compiled by LSEG

** Posts Q1 net profit of $494 mln, above expectations of $420.9 mln

** Uruguay-headquartered MELI says Argentina was the main highlight of the quarter

** Sales in the country as measured by Gross Merchandise Value $(GMV.AU)$ grew 126% on a foreign-exchange neutral basis, compared to a total GMV increase of 40%

** "Recovery in Argentina proved stronger than expected, supporting margin improvement," Jefferies analysts say

** Including session's gains, stock up more than 33% YTD

(Reporting by Shashwat Chauhan in Bengaluru)

((Shashwat.Chauhan@thomsonreuters.com))