Meituan's Profit Tripled on Rising Chinese Consumption
By Ben Otto
Meituan's quarterly profit nearly tripled on year, helped by a recovery in China's consumption that boosted delivery sales.
The Beijing-based shopping-and-delivery platform said Tuesday that net profit in the third quarter rose to 3.59 billion yuan ($503.4 million) from CNY1.22 billion a year ago.
Quarterly revenue rose 22% on year to CNY76.47 billion, beating consensus estimate of CNY75.89 billion in a FactSet-compiled poll of analysts.
Meituan said the peak daily order volume of its food delivery service hit a record 78 million orders, double from levels three years ago, while the company's number of on-demand delivery transactions rose 23% on year.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
November 28, 2023 04:36 ET (09:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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