Chinese food delivery company Meituan reported last Friday that its quarterly revenue grew 16.4% to RMB 50.94 billion ($7.42 billion), the slowest growth in two years but still ahead of analysts’ estimates. Second-quarter losses narrowed 66.7% from RMB 3.36 billion to RMB 1.12 billion, mainly due to China’s increased demand for takeaway during lockdowns in several cities, along with new cost-cutting strategies introduced by the company. Meituan also merged its food delivery, hotels, and other business ventures, such as Meituan Instashopping, into a new division called “core local commerce” while keeping Meituan Select and Meituan Grocery under a second segment called “new initiatives.” [Meituan]
0 Commentaires