China’s Meituan beats quarterly revenue estimates, swings to profit

China’s Meituan beats quarterly revenue estimates, swings to profit

Photo: Meituan

Chinese food delivery giant Meituan reported better-than-expected quarterly revenue growth of 28.2% on Friday and swung back to profit as the company recovered from COVID-19 curbs.

Meituan, whose services also include restaurant reviews and bike-sharing, said total revenue rose to 62.62 billion yuan ($8.74 billion) in the three months that ended September, compared with analysts average estimate of 61.79 billion yuan, according to Refinitiv data.

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