(Reuters) – South American e-commerce giant MercadoLibre Inc missed analysts forecast after posting a fourth quarter net loss on Tuesday, despite a surge in sales.

The company reported a fourth-quarter net loss of $46.1 million, missing the mean Refinitiv forecast of $54.04 million net income.

The Nasdaq-listed Argentine company’s gross merchandise volume, a widely watched figure for the e-commerce industry’s performance, rose 21% from a year earlier to $8 billion.

The company, present in 18 countries including Brazil, Mexico and Colombia, posted a more than 11.1% rise in active users in the quarter, to 82.2 million.

(Reporting by Carolina Pulice; Editing by Chris Reese)