Shares of MercadoLibre (MELI 5.79%) charged sharply higher on Thursday, gaining as much as 10.6%. As of 2:32 p.m. ET, the stock was still up 6.7%.

The catalyst that sent the online retail and fintech specialist higher was its quarterly financial report, which far exceeded expectations.

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A virtual dynamo

For the first quarter, MercadoLibre generated revenue of $5.9 billion, representing an impressive 64% year-over-year increase in local currencies. The results were fueled by e-commerce revenue that grew 57% and fintech revenue that surged 73%. The company also generated operating income of $763 million, up 45%, and quarterly net income of $494 million. This resulted in earnings per share (EPS) of $9.74, which jumped 44%.

To put those numbers in context, analysts' consensus estimates were calling for revenue of $5.52 billion and EPS of $8.27, so MercadoLibre easily surpassed expectations.

The company continued to deliver strong results across its ecosystem of products and services. Gross merchandise volume (the total value of products sold on its digital retail platform) was $13.3 billion, up 40% year over year in local currencies, fueled by 66.6 million unique buyers. Total payment volume (TPV) of $58.3 billion climbed 72%.

MercadoLibre doesn't provide quarterly guidance, in keeping with its focus on the long term. On the conference call to discuss the results, the company noted that it notched all-time high brand preference metrics in its major markets, including Brazil, Argentina, Mexico, and Chile. The company continues to focus on increasing its credit portfolio and fintech offerings, as well as expanding its same- and next-day delivery offerings, which have helped fuel its extraordinary growth.

Is MercadoLibre a buy?

At 48 times forward earnings and 4 times forward sales, MercadoLibre might seem expensive, but that needs to be viewed through the lens of its stellar execution. Given its consistent strong results, I would suggest the premium is well deserved.